How would you describe the agreement between the insurer and the insured?
Insuring Agreement — that portion of the insurance policy in which the insurer promises to make payment to or on behalf of the insured. The insuring agreement is usually contained in a coverage form from which a policy is constructed.
What is the difference between insurer and insurance company?
The insurer is the entity that secures the insured against a financial loss specified in the policy documents. The insurance company, or the insurer, presents a contract to the insured and agrees to compensate for a specified event or risk in exchange for a pre-determined premium amount.
What is your relationship to the policyholder?
A policyholder is the person who owns the insurance policy. So, if you buy an insurance policy under your own name, you're the policyholder, and you're protected by all of the details inside. As the policyholder, you can also add more people to your policy, depending on your relationship.
Who is insurer and Insuree?
As mentioned earlier, the 'insurer' is the one calculating risks, providing insurance policies, and paying out claims. The 'insured,' on the other hand, is the person (or people) covered under the insurance policy.
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