Named Insured
Definition of "Named insured"
Person, business, or organization specified as the insured (s) in a property or liability insurance policy. In some instances, the policy provides broader coverage to persons other than those named in the policy if they have the insured's permission to use the property that is insured. For example, someone who drives a car with the permission of the owner is protected by a personal automobile policy (PAP). In other cases, if the owner of a property is not named as an insured party, his or her interests may not be protected by the policy. For example, if two persons own a home and only one is named on the homeowners insurance policy, the interest of the other may not be covered.
Popular Insurance Terms
Section of the Internal Revenue Code that provides for the taking of the proceeds from one life insurance policy or annuity and the reinvesting of these proceeds immediately in another life ...
Property to be insured, or that is insured, which is located within the specific geographical region falling under the auspices of the fire department. ...
Interest rate credited on three-month United States Treasury bills. ...
Common element in property insurance that excludes electrical damage or destruction of an appliance unless the damage is caused by a resultant fire. ...
Life insurance policy option under which the dividends that have accrued may be applied to mature the policy as endowment insurance. ...
Same as term: engineering approach; human approach ...
Variable-rate bonds whose coupon and value increases as interest rates decrease. ...
worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
First historical mortality table used for the calculation of premium rates for group annuities. This table was subsequently replaced by the group annuity table, 1971. ...
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