assured
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 from 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. 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 reviewed in January of 2025 by the Wex Definitions Team]
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