Okuzeka
Insurance vocabulary · Policies & Contracts

Insured

Meaning in insurance, with examples

/ɪnˈʃʊrd/nounCore term

In insurance, insured means: The person or organisation whose life, health, property or legal responsibility is protected by a policy. It is usually written 'the insured'.

In Turkish: sigortalı

How it is used

Common in policy wordings and claims letters: 'The insured must notify us...'. As an adjective it means protected by insurance: an insured vehicle, insured losses. Do not confuse it with 'insurer'.

Example sentences

  1. The insured must report any theft to the police within 24 hours.

  2. Insured losses from the earthquake were far lower than the total economic damage.

Common collocations

  • the insured person
  • named insured
  • insured value
  • insured losses
  • policyholderThe person or company that owns an insurance policy, signs the contract and is responsible for paying the premium.
  • insurerA company that sells insurance policies, collects premiums and pays valid claims; in other words, the side that carries the risk.
  • beneficiaryThe person or organisation named in a policy to receive the money, for example the family member who is paid when the insured person dies.
  • sum insuredThe maximum amount an insurance company will pay under a policy, usually based on the value of the property or the amount chosen for a life policy.

More terms: Policies & Contracts

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This page explains English vocabulary for learners. It is not financial advice.