Insurance Word of the Day
Insured
The “insured” is the person or entity covered by an insurance policy. They are the ones who receive financial protection or benefits in case of a covered event or loss.
Let’s say you have a homeowner’s insurance policy. In this case, you (the homeowner) are the insured. If your house sustains damage from a covered event, such as a fire, you (as the insured) will receive compensation from the insurance company to cover the repair costs.
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