Parties of insurance – Parties involved in an Insurance Contract

Parties:

The following are the parties involved in an insurance contract.

1. Insured: The person seeking some surety against the possible loss is called ‘insured’.
2. Insurer: The person contracting to indemnify against the loss is the insurer:
3. Insurance Policy: The written contract of insurance the policy
4. Premium: The price paid by the insured in fulfilment of his part of the contract is the premium;
5. Indemnity: The amount paid when a loss has been incurred is the indemnity.
6. Beneficiary: The person to whom the indemnity is paid is the beneficiary (who may or may not be the insured).

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