Principles of Risk Management and Insurance, 13th Edition

Definition of “Insured”

An insurance contract must identify the person or parties who are insured under the policy. For ease in understanding, the meaning of “insured” can be grouped into the following categories:

• Named insured

• First named insured

• Other insureds

• Additional insureds

Named Insured

The named insured is the person or party named on the declarations page of the policy. The named insured can be one or more persons or parties. For example, Ron and Kay Lukens may be specifically listed as named insured on the declaration page of their homeowners policy.

The words “you” and “your” appear in many policies and refer to the named insured shown in the declarations. Thus, throughout the entire policy, “you” or “your” refers to the named insured. ...