Named Insured
Definition of "Named insured"
Person, business, or organization specified as the insured (s) in a property or liability insurance policy. In some instances, the policy provides broader coverage to persons other than those named in the policy if they have the insured's permission to use the property that is insured. For example, someone who drives a car with the permission of the owner is protected by a personal automobile policy (PAP). In other cases, if the owner of a property is not named as an insured party, his or her interests may not be protected by the policy. For example, if two persons own a home and only one is named on the homeowners insurance policy, the interest of the other may not be covered.
Popular Insurance Terms
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Period, set by law, after which a damage claim cannot be made. Limits are set by individual states and usually range from one to seven years. ...
Inland marine policy addition that provides coverage to owners of sheep, and to warehouseowners who store wool as well as wool in transit. ...
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Coverage that will indemnify the insured for the expenses, up to the limits of the policy, if a building is damaged by a peril such as fire, and zoning requirements and/or building codes ...
Type of derivative traded on the Chicago Board of Trade that takes the form of an option on a catastrophe futures contract using a call-option spread as the basis for the contract. The ...
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