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
Insurance policy under which payment is made for a loss not subject to any deductible or under which payment is made up to the limits of the policy, and then an excess insurance policy ...
Any of a number of types of surety bonds that the law requires of government contractors, licensed businesses, litigants, fiduciaries, government officials, and others whose performance of ...
Series of payments made on either a FIXED DOLLAR ANNUITY basis or VARIABLE DOLLAR ANNUITY basis. ...
Account established to manage the assets of a minor. This account is under the auspices of a custodian (either an individual or an institution). The gift tax exclusion would apply on any ...
Method of terminating a split dollar life insurance policy in which the company transfers its interest in the life insurance policy to the insured employee. Through such a transfer, the ...
Risk management control device used to minimize accidents and injuries to employees resulting from an unsafe working environment. For example, potential cumulative trauma disorders losses ...
Act that mandates that employers who have at least 26 employees must provide a terminating employee and family members, if residents of employee's household, with health insurance coverage ...
Obligatory reinsurance contract in which a reinsurer agrees to pay for all or a large portion of losses up to a limit, when these losses exceed the retention level of the cedent. The ...
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed ...
Have a question or comment?
We're here to help.