What is insurer and insured

What is insurer and insured
  • 1 answers

Gaurav Seth 4 months, 1 week ago

An Insured is a person who is the buyer of the insurance policy. An insured is the proposer of the policy who pays premium as the consideration to the insurance company. Insured purchases the insurance policies to safeguard the assets from the financial consequences of losses or damage that occur from insured peril

An Insurer is a company who sells the insurance policies. Insurer is the one who bears the risk in return for considration which is known as premium. Insurer agrees to pay to the insured a certain sum of money if the insured peril occurs so that it is possible to continue the benefits

Insured pays the premium to the insurer

Insurer pays the claim to the insured

<hr />

For example:

A purchases insurance from Z insurance company.

So here,

A - insured

Z - insurer

A will pay premium to Z

Z will pay claim to A

Related Questions:

Is huf has a limited liability
  • 0 answers
what is indemnity??
  • 1 answers
What is life expectancy
  • 0 answers

Buy Complete Study Pack

Subscribe complete study pack and get unlimited access to selected subjects. Effective cost is only ₹ 12.5/- per subject per month. Based on the latest CBSE & NCERT syllabus.

myCBSEguide App

myCBSEguide

Trusted by 70 Lakh Students

CBSE Test Generator

Create papers in minutes

Print with your name & Logo

Download as PDF

3 Lakhs+ Questions

Solutions Included

Based on CBSE Blueprint

Best fit for Schools & Tutors

Work from Home

  • Work from home with us
  • Create questions or review them from home

No software required, no contract to sign. Simply apply as teacher, take eligibility test and start working with us. Required desktop or laptop with internet connection