MANAGEMENT

Detailed explanation-1: -The insured is the policyholder whereas the insurer is the insurance-providing company/the insurance carrier/the underwriter. The insurers provide financial coverage or reimbursement in many cases to the policyholder.

Detailed explanation-2: -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.

Detailed explanation-3: -An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company’s responsibilities if a loss occurs.

Detailed explanation-4: -An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured.

Detailed explanation-5: -A company that creates insurance products to take on risks in return for the payment of premiums. Companies may be mutual (owned by a group of policyholders) or proprietary (owned by shareholders). (Also known as insurer or provider).