MANAGEMENT

Detailed explanation-1: -Beneficiaries Of Insurance Policy Are ‘Consumers’ Even If They Are Not Parties To Contract Of Insurance: SC [Read Judgment] “They are the consumers not because they are parties to the contract of insurance but because they are the beneficiaries of the policy taken out by the insured."

Detailed explanation-2: -Insured. The person covered by an insurance policy. The insured is often the policyholder.

Detailed explanation-3: -Definition of “Consumer” is very wide-Supreme Court Considering the same, the the Hon’ble Supreme Court held that the definition of ‘consumer’ includes beneficiaries who can take benefit of the insurance availed by the insured.

Detailed explanation-4: -A policyholder (or policy holder) is the person who owns the insurance policy. In most cases, the policyholder is the only person who can change the policy. The policyholder is also the person that is responsible for making sure premium payments are up-to-date.

Detailed explanation-5: -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.