2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover. 4) The proposer is the person who takes the cover and is also called the policyholder.
Who is an insurer answer?
An “insurer” refers to the company providing you with financial coverage in the case of unexpected, bad events covered on your renters insurance or homeowners policy.
Who is insurer in law?
An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter.
Who is an insurer Class 11?
As mentioned earlier, the 'insurer' is the one calculating risks, providing insurance policies, and paying out claims. The 'insured,' on the other hand, is the person (or people) covered under the insurance policy.
What is the difference between insurer and insurance?
The insurer is the one doing the insuring; they issue the policy and pay the claims. The insured is the person (or people) that the policy is covering; they buy the policy and receive money from claims.
What is insured name mean?
The Named Insured is the person (or people) or business (or businesses) actually named in the policy. In most cases, the business will be the only named insured, but the owners or subsidiaries can also be Named Insureds.13 Jun 2016
What is insurance simple words?
In the simplest terms, insurance consists of you the customer paying a company a monthly fee to protect you from the risk of financial loss. You can purchase insurance policies for a variety of risks, but the most common are auto, home, life, health, and business. Insurer: The company that provides you the policy.