ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -The insurer is an entity, usually an insurance company, that underwrites the insured risk. By contrast, the insured is a person or organization whose life, health or property is covered by 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.

Detailed explanation-4: -A named insured is any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy, as distinguished from others that, although unnamed, fall within the policy definition of an “insured.” On This Page.

Detailed explanation-5: -Insurer also called ‘insurance company’ is the entity that accepts the risk and promises to pay for the losses that arise within the policy term. The insurer commits to pay for loss in exchange of the premiums, paid regularly.