In the insurance space, named insured signifies a business or person who is labeled as the insured in the policy contract.
The named insured is the person or organization that has purchased the insurance policy and is legally responsible for paying the premiums, maintaining the policy, and making any changes or updates to the coverage.
In many insurance policies, the named insured is the person or entity whose interests are protected by the coverage. They are the ones who will receive the benefits of the insurance policy if a covered loss occurs. For example, in a car insurance policy, the named insured is typically the vehicle owner and primary driver. In a homeowners insurance policy, the named insured is usually the owner of the property.
It's important to note that the named insured can differ from additional insureds or beneficiaries. Additional insureds are other parties who are added to the policy to receive some level of coverage or protection under certain circumstances. Beneficiaries, on the other hand, are individuals or entities designated to receive the benefits of a life insurance policy in the event of the insured's death.
Get coverage in minutes
No hidden cancellation fees. Competitive rates nationwide.