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Assured is used to refer to a person who is protected by insurance coverage against any loss or damage mentioned in the insurance policy purchased form an insurance company or an underwriter. In the context of insurance, the terms “insured” and “assured” are generally used interchangeably as the person for whose benefit the policy is written and to whom the loss will be payable, is usually the same person on whose life or property the policy is written. But, where a wife insures her husband’s life for her own benefit and the husband has no interest in the policy, the wife is the “assured” and the husband is the “insured.” 

[Last updated in June of 2021 by the Wex Definitions Team]