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
Amount in a cash value life insurance policy that a policy owner will receive upon surrender of the policy, minus any outstanding loan and accrued interest. A table in the policy shows the ...
Curve that results when yields on short-term treasury issues exceed those on long-term government debt. A widely accepted theory holds that when short-term and intermediate term issues are ...
Circumstance in which no agent is servicing a debit. ...
In property insurance, when the insurance policy contains this clause, coinsurance defines the amount of each loss that the company pays according to the following relationship:Amount of ...
Damage or destruction of property and/or property that is illegally transferred as the result of misconduct of individuals. The risk is insurable. ...
Probable number of times that a specified event is likely to occur. For example, if E is the event, then the odds for E occurring are X to Y according to the following relationship: P (E) ...
Insurance established under the federal Railroad Retirement Act for railroad employees, covering death, retirement, disability, and unemployment. Benefits are adjusted for cost of living ...
Coverage on an all risks basis for glass breakage, subject to exclusions of war and fire. Thus, if a vandal throws a brick through a window of an insured's establishment, the coverage would ...
In a commercial general liability (comprehensive general liability) policy, exclusion of coverage for sold premises. The objective of this exclusion is to eliminate coverage for property ...
Have a question or comment?
We're here to help.