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Parties of insurance - Parties involved in an Insurance Contract
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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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