What is the term for the individual or business being insured?

The individual or business being insured is referred to as "the insured." This term designates the party that is receiving coverage under an insurance policy and is typically the one who pays the premium to the insurance company. The insured has rights to the benefits outlined in the policy, offering protection against specified risks.

In contrast, the claimant is a party that makes a claim for benefits or compensation under an insurance policy, often as a result of a loss or damage. The agent serves as a representative of the insurance company, helping clients to understand their policy options and facilitating the purchase of insurance. The underwriter is tasked with evaluating risk and determining the terms under which the insurance company might provide coverage, including the premium rates and conditions. Each of these roles is distinct and does not apply to the entity that is actually being insured.