NAMED INSURED Meaning and
Definition
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A "named insured" refers to an individual or entity that is specifically identified and designated as the principal policyholder in an insurance contract. The named insured is prominently named in the insurance policy documentation and holds certain rights and responsibilities pertaining to the coverage provided. This term is commonly used in various forms of insurance policies, including auto insurance, home insurance, and business insurance.
As the primary policyholder, the named insured typically possesses the authority to make changes to the insurance policy, such as adding or removing coverage, updating contact information, or making alterations related to the insured property or vehicles. Furthermore, the named insured is usually tasked with paying the insurance premiums in a timely manner to keep the policy in force and receive the associated coverage benefits.
In most cases, the named insured is the person or business that directly benefits from the insurance coverage provided by the policy. However, it is important to note that the named insured may not always be the person who owns or has a financial interest in the insured property. For instance, when a homeowner purchases an insurance policy for their rental property, they will typically be listed as the named insured, although the actual property owner may be a different individual or entity.
Understanding the concept of named insured is crucial as it helps determine who has primary control over the insurance policy and who holds the primary responsibility for fulfilling the policy obligations.
Common Misspellings for NAMED INSURED
- bamed insured
- mamed insured
- jamed insured
- hamed insured
- nzmed insured
- nsmed insured
- nwmed insured
- nqmed insured
- naned insured
- naked insured
- najed insured
- namwd insured
- namsd insured
- namdd insured
- namrd insured
- nam4d insured
- nam3d insured
- names insured
- namex insured
- namec insured
Etymology of NAMED INSURED
The etymology of the word "named insured" is straightforward. It consists of two components:
1. Named: Derived from the verb "name", which comes from Old English "namian" meaning "to give a name to". It has remained relatively unchanged in its meaning throughout its history.
2. Insured: Derived from the verb "insure", which comes from the Latin word "securus" meaning "safe" or "secure". Over time, "insure" evolved to refer to the act of providing protection or guaranteeing compensation against loss or damage.
When these two words are combined, "named insured" refers to a specific person or entity that has been explicitly named or designated as the party insured under an insurance policy.
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