Definition of "Insured"
Party covered by an insurance policy. In life insurance policies there is one designated insured, the person so named; or a policy can be issued to numerous insureds on a group basis. The insured persons in property and casualty policies may also include residents of the insured's household, such as a spouse, relatives of either, and other individuals under their care, custody, and control if under age 21.
Popular Insurance Terms
Automobile insurance plan, debated for a number of years, that is financed through a surcharge of a given number of cents per gallon (estimates run from 30 to 40 cents) to be paid by the ...
Membership organization, based in Chicago, Illinois, consisting principally of property and casualty insurance companies. Its objectives are to influence the public and the legislators on ...
Benefits payable under any insurance policy or annuity contract. ...
Program through which employees purchase individual life insurance and disability income insurance by having the employer reduce their income by the required insurance premium. Since the ...
Same as term Consumer Credit Protection Act: 1968 federal legislation that makes it mandatory for lenders to disclose to credit applicants the annual interest percentage rate (APR) and any ...
Arrangement, often funded by life insurance, to continue an employee's salary in the form of payments to a beneficiary for a certain period after the employee's death. The employer itself ...
Frequency and severity of accidents resulting from conditions and environment surrounding one's workplace. Occupation is an important underwriting factor when considering an applicant for ...
Type of guaranteed investment contract (GIC) under which a series of payments are made into an account (usually monthly to reflect the frequency of the employee's salary) of an insurance ...
Statements by an insurance applicant concerning personal health history, family health history, occupation, and hobbies. These statements are required to be substantially correct; that is, ...
Have a question or comment?
We're here to help.