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
Theory developed in 1931 by H. W. Heinrich; states that an accident is only one of a series of factors, each of which depends on a previous factor in the following manner: accident causes ...
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
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Trust in which rights to make any changes therein are surrendered permanently by the grantor. The grantor uses this type of trust to transfer assets and any potential depreciation out of ...
Latin phrase meaning "without which not," signifying a legal rule in tort and negligence cases. Under this rule, a plaintiff trying to prove that an injury was a direct result of a ...
Difference in the amount of losses between the beginning and end of a time period. ...
Authority of states to tax the insurance companies they regulate. States levy income taxes, real and personal property taxes, and special levies, the most important of which is a premium ...
Coverage in health insurance by two or more policies for the same insured loss. In such a circumstance, each policy pays its proportionate share of the loss, or one policy becomes primary ...
Designation earned by passing 10 national examinations on subjects including mathematics of life and health insurance, actuarial science, insurance, accounting, finance, and employee ...
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