Insureds

The plural form of 'insured,' referring to the individuals or entities who are covered by an insurance policy. These are the parties that have contracted with an insurance company to receive financial protection against specified risks or losses. insureds pay premiums in exchange for the assurance that the insurer will compensate them for covered events, subject to the terms and conditions outlined in the policy. They are the beneficiaries of the insurance contract, and their protection typically extends to themselves, their property, or their financial interests. The insureds have rights to benefits if certain pre-defined occurrences arise and have the responsibilities of premium payment and abiding by the policy rules.

Insureds meaning with examples

• After the hurricane, the insurance company worked diligently to assess the damage claims filed by its many insureds, ensuring they were compensated fairly and promptly for the covered losses. The extensive damage prompted the company to deploy extra adjusters to address the influx of claims. The process underscored the crucial role insurance plays in helping individuals and businesses recover from unforeseen disasters.
• The company offered a tiered health insurance plan, giving insureds options from basic coverage to comprehensive benefits, including dental and vision care. Each tier came with differing premium costs and deductible amounts. Prospective insureds were given an understanding of these choices and the corresponding coverage limits for their individual circumstances to make an informed decision.
• In the event of a car accident, the policy of an insured will determine who has the financial responsibility for the damage to the vehicle, medical expenses, and other possible compensation. The insured is obligated to report the accident to the insurance provider and cooperate fully with the insurer's investigation, as part of the policy guidelines.
• The life insurance policy provided security for the insured's family, promising to pay a death benefit to the beneficiaries upon the insured's passing. The amount paid out depends upon the policy specifics and what had been arranged beforehand. This benefit offered financial stability during a difficult time of personal loss for the survivors.