What is ASSURED?

A person who has been Insured by some insurance company, or underwriter, against losses or perils mentioned in the policy of insurance. Brockway v. Insurance Co. (C. C.) 29 Fed. 760; Sanford v. Insurance Co., 12 Cush. (Mass.) 548. The person for whose benefit the policy is issued and to whom the loss is payable, not necessarily the person on whose life or property the policy is written. Thus where a wife insures her husband’s life for her own benefit and he has no interest in the policy, she is the “assured” and he the “insured.” llogle v. Insurance Co., 6 Rob. (N. Y.) 570; Ferdon v. Canfield, 104 N. Y. 143, 10 N. E. 146; Insurance Co. v. Luchs, 108 U. S. 498, 2 Sup. Ct. 949, 27 L. Ed. 800.

More On This Topic

Link to This Definition
Did you find this definition of ASSURED helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary