Insured

An insured is a person, business, or organization that has purchased an insurance policy. By doing so, they gain financial protection against specific risks or losses outlined in the policy. If a covered event, like an accident, theft, or damage occurs, the insurance company provides compensation or services, helping reduce the financial impact. Essentially, being insured means having a safety net in place, giving peace of mind that potential costly problems are mitigated through coverage purchased in advance.