BANKING AFFAIRS

Detailed explanation-1: -Insured is a person or legal entity whose financial losses are covered by the insurance policy. Under general and health insurance policies the insured is entitled to receive the benefit amount from the insurer for the covered financial loss.

Detailed explanation-2: -A policyholder is the person who has purchased and owns an insurance policy.

Detailed explanation-3: -Insured is the person who is covered against risk. On the other hand, the insurer is the company that is providing coverage. It is a service that an insurer provides under a particular insurance policy against a premium paid by the policyholder.