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The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.

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โˆ™ 2014-07-22 00:51:53
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Q: What is the difference between insured and insurer?
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Related questions

What is The different between insurer and insured?

The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.

What is the difference between insurance broker and insurance agent?

An insurance broker differs from an insurance agent in that a broker is considered an agent of the Insured even though he or she may receive a commission from the insurance company A broker may sell the products of a number of insurers whereas an insurance agent has the Insurer as his principal and works in the interest of the Insurer and not the Insured

Health insurance is a written contract between which two parties?

Between the insurer (the risk-bearing entity) and the insured.

What are payments made by the insured to the insurer?


When the insured property is a pair or a set how are losses involving only one article of a pair or set settled?

the insurer pays the difference between the value of the set before the loss and the value of the set after the loss

What is the difference between insurer and insurance company?


In event of a loss after notice of a claim is submitted to insurer who is responsible for providing claims forms and to which party?

insurer to the insured

What is the difference between a Proposer and the Insured?

the difference between a proposer and the insured is that a proposer is a person or an entity who is seeking insurance and an insuerd is someone or an entity covered by an insurance policy

What are the difference between the marine Insurance policy and insurance certificate?

A Marine Insurance Policy is the actual contract of insurance between the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the policy covers many shipments under one policy. An insurance certificate is issued for a particular shipment that the insured declares under the Open policy. The insured does not issue a policy for each individual shipment.

Who is third party in insurance?

third party is a party except insured or insurer, who may be subjected to a loss involved with the insured

Who bears the risk if the subject is insured against that particular risk?

The insurer

What are equitable premiums?

A premium that is justified basis the amount of risk that an insured brings on to the insurer.

Is there an insurance company that will not pay out if i claim?

An insurance contract is an agreement between the insurer and the insured. By its terms, in return for the payment of a premium by the insured, the insurer agrees to pay on behalf of the insured, certain damages for which the injured may be legally liable. The insurer may have other obligations, too, such as to provide a defense (hire a lawyer and pay related expenses) on behalf of the insured. It is important to understand that both the insurer's and the insured's obligations are specified in the policy. Therefore, if there is an occurrence that falls outside of the undertakings of the contract, the policy will not provide coverage. An example of this is that an auto insurance policy does not provide coverage for damage to furniture caused by a house fire. Likewise, if the insured has not paid premiums as agreed and the policy lapsed before a covered occurrence happened, the insurer may properly deny coverage because the policy was not in force at the time of the occurrence. There are other circumstances under which an insurer may be within its rights not to pay. Just what those circumstances are depend upon the kind of insurance involved and the facts of the dispute.

What is the meaning of insurer in life insurance?

The Insurance company which provides insurance coverageunder contractual obligation with the insured, is called the Insurer in insurance parlance.

What happens if the at fault driver does not tell his insurance company about an accident?

Insurance policies uniformly have provisions that require an insured to notify the insurer of an incident that could result in a claim. The requirement is usually phrased in terms of the notice being required "as soon as practicable". This eliminates the need for immediate notification, but does suggest that the notice be given as quickly as can be done under all of the circumstances. The failure of the insured to timely notify the insurer could result in the insurer denying coverage for the claim. That is, the insurer may take the position that it has been prejudiced by the late notice (or lack of notice), and that it will not defend the insured or pay damages for which the insured may be legally liable. The basis for the claim of prejudice generally is that the insurer was not given the chance, because of the late or lack of notice, to investigate the claim, develop a defense, and/or compromise with the person claiming damages. If the insurer does this, and the insured challenges the legitimacy of the denial of coverage, it will usually be the insurer's burden to prove that there really was prejudice. Sometimes that occurs in the context of a lawsuit brought by the insured against the insurer where the insured is seeking coverage. Sometimes it occurs in the context of a lawsuit brought by the insurer against the insured (often called a "declaratory judgment action") where the insurer asks the court to determine whether or not it is liable under the policy. In other cases, when the amount of money sought by the adversary is fairly small, the insurer will not push the issue and will overlook the late notice or lack of notice. In those cases, the insurer will in effect determine that it is not worth the time, effort or expense to try to avoid coverage based upon a late or no notice defense. Instead, the claim will be handled as any other.

Who insurer pays when an item is insured twice by two insurance companies?


What is the difference between Short Rate Cancellation vs Pro Rate Cancellation?

In Pro Rate cancellation , the insurer will not charge a penalty premium and the return premium is the premium for the unexpired term of the policy.While in Short Rate cancellation , the insurer charge for a penalty premium as the cancellation is due to insured request . The Insurer keeps a percentage of earned premium to cover its costs.

What is life coverage and does it really do what is supposed to do?

Life insurance is a contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. It is particularly useful if one is terminally ill.

Can I be sued by an insurance company if I had an accident with their policyholder and I was uninsured?

Yes, the process is called "subrogation". When an insurer pays a claim on behalf of its own insured, it succeeds to the rights of the insured to the extent of its payment. That is, it can recover its payment from the at-fault party in the same way that the insured could have pursued the at-fault party. If the insurer's policyholder was at fault, in whole or in part, for the loss the insurer may recover only that portion of its payment for which its insured was not responsible. Some jurisdictions apply a pure comparative negligence analysis, where negligence is apportioned as a percentage between the parties. Other states use a contributory negligence analysis whereby if the insured was at all at fault, he/she, and therefore, his/her insurer, may not recover anything. Still other states apply a hybrid analysis. The location of the occurrence determines the law that applies.

Can an insurance company claim damages from a person who was involved in an accident with the insured after his vehicle is repaired by the insurance company?

Yes; the process is called subrogation. The insurer that paid for the repair of its's insured's vehicle succeeds to the right of action against the at-fault party for the purpose of collecting that which it paid. The subrogating insurer has no greater rights than its insured did, such that if its insured is found to have been, for example, 30% at fault for the collision (in those states that adhere to comparative negligence), the insurer can recover only 70% of its damages.

What is the difference between an implied and an expressed condition?

An Implied Condition is a condition that does not appear on the contract but are Implied. e.g Implied conditions imply that both the insured and insurer have good faith in the making of a contract, that the insured has insurable intrest in the subject matter of insurance, that subject matter of insurance is in place at the time the policy is affected.Express Conditions are those which are expressed or set forth in the policy.

What are the benefits of having a life insurance policy?

Life insurance is a contract between an insurance policy holder and an insurer. The insurer promises to pay a designated beneficiary a sum of money or the benefits upon the death of the insured person. The main benefit for the policy owner is peace of mind knowing that the death of the insured person will not result in financial troubles for loved ones and lenders.

Who type of contract is drafted by an insurer and receives no input or alteration from the insured?


What is accumulation limit on a group Personal accident policy mean?

Known accumulation limit refers to a maximum exposure the Insurer will be liable to pay the insured in case of an event that is covered under a GPA policy. This cushions the insurer or the re insurer for instance in case of an accident leading to accident to many subjects insured.

whats the difference between a government insured and the fdic insured?

There is no difference, fdic stands for federal deposit insurance corporation, which is exactly the same insurance from the same people and the same place.