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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.
What else can I help you with?
What is the difference between sum assured and sum insured?
No difference. Some companies use each word interchangeably.
What is a seven letter word meaning to be guaranteed what is it?
ensured, assured, insured
What is the difference between assured and assurer?
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.
How do you say the word assured in spanish?
To assure = asegurar '(I/you/he/she/we/they) assured' (i.e. past tense of above) = asegure/aseguraste/aseguro/aseguramos/asegurasteis/aseguraron. assured (adjective) = seguro, (asegurado, meaning 'insured')
Person who is the holder of an insurance policy?
The person can be called Policy Holder,Insured, Life Assured as the case may be.
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.
Can a vehicle be insured by two different companies simultaneously?
No, a vehicle cannot be insured by two different companies simultaneously.
Can a insured surrender a life insurance policy after the policy holder dies?
T sum assured divided by multiply no for ex... 100000 / 30=3333
What is sabrogation?
For the loss or damage, the assured will often have a claim against another party, ex the carrier f the goods or the owner of the ship that collided with the insured ship. The assured however must not take advantage f the damaging event and claim twice.
What is the ideal sum insured in policy?
The ideal sum insured depends on a number of different things such Age, City & Product type etc. So every insurance company offers a different sum insured.
Can I have 2 cars insured with different insurance companies?
Yes, you can have two cars insured with different insurance companies. Each car can have its own separate insurance policy with a different provider.
What is Money Back policies?
In money back policies the some part of money is refunded to life insured. The period is generally is of 5 years and at the time of maturity; the money which is paid deducted from sum assured amount. A Money back plan is an endowment plan which combines both insurance and investment. The main objective of a money back plan is to provide fixed sum of money at regular intervals. This amount depends upon the sum assured of the individual. On maturity, the insured receives remaining portion of the sum assured and loyalty additions.
