Who is referred to as the "insured" in an insurance policy?

In an insurance policy, the term "insured" refers specifically to the party that is protected by the insurance contract. This is generally the individual or entity that has taken out the insurance to safeguard against certain risks or losses, as defined in the policy. The insured receives benefits or coverage under the terms laid out in the agreement, which are designed to provide financial protection in the event of a covered incident.

Understanding who the insured is crucial, as it determines who can make claims on the policy and who the insurance company is obligated to protect. The insured may be a person, a business, or any entity eligible for coverage under the policy. This clarity in designation ensures that all parties involved know their rights and responsibilities, and it facilitates the smooth functioning of the insurance process.

On the other hand, the issuer of the insurance is the insurance company, while the agent is simply an intermediary helping to sell the policy. The regulatory authority ensures that the insurance market operates fairly and compliantly but does not have a direct role in the specific insurance policy's terms.