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The terms "insured" and "assured" are generally used interchangeably; but strictly speaking, the term "insured" refers to the owner of the property insured or the person whose life is the subject of the contract of insurance, while "assured" refers to the person for whose benefit the insurance is granted.
For ex: A wife insures the life of her husband for her own benefit. The wife is the assured, and the husband the insured. The wife is the owner of the policy but she is not the insured.
In property insurance, like fire insurance, the insure is also the assured where the proceeds are payable to him.
Assured is also used sometimes as a synonym of "beneficiary." The beneficiary is the person designated by the terms of the policy as the one to receive the proceeds of the insurance. He is the third party in a contract of life insurance, whose benefit the policy is issued and to whom the loss is payable.
Dallas Weissnat
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What is the difference between sum assured and sum insured?
No difference. Some companies use each word interchangeably.
What is an assurer?
An assurer is a person who assures someone of something.
What is 'secure' when translated from English to French?
assurer
What does the acronym M.A.D. stand for?
1) Make a Difference 2) Mutually Assured Destruction
What is the difference between policy owner and policy holder in a term life policy?
There is no difference - just two different ways of saying the same thing. However, there can be a difference between the policy owner/holder and the life assured. The policy owner/holder is the individual or company who applied for the policy and pays the premiums. The life assured is self-evidently the person whose life is insured. If the policyholder and life assured are the same person, i.e. the policy is an "own life" policy, upon their death the guaranteed death benefit, or sum assured as it is known, is paid to the deceased's estate, or into a trust if one has been set up. If the life assured is not the policyholder then the sum assured is paid to the policyholder. Only individuals or companies who have an "insurable interest" can apply for a policy on someone's life. There are a number of situations that can qualify as an insurable interest but the most common are a company taking out a policy on the life of a director or other employee, partners in a business on the life/lives of their fellow partner/s, and an individual on the life of their spouse.
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