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