What is the definition of 'person' in insurance terms?

In insurance terms, the definition of 'person' is broader than just an individual or a specific type of entity. A 'person' encompasses both a natural person, which refers to an individual human being, and a business entity, which includes corporations, partnerships, associations, and other legal forms of organization that can own property, enter into contracts, and incur liabilities. This comprehensive definition is important because it allows for flexibility and clarity in insurance agreements and policies, accommodating a variety of parties that may seek coverage or be subject to insurance regulations. By defining 'person' in this way, the insurance framework ensures that both individual consumers and businesses can be included under the same legal definitions and protections within the industry. This inclusivity allows for broader access to insurance products and services, essential for a well-functioning insurance market.