An insurance policy is a contract between the insurer and the insured. The insured is the individual or entity who purchases the policy from the insurer, typically paying a premium in exchange for financial protection against potential losses. The insured is responsible for providing accurate information to the insurer in order to determine the appropriate coverage and premium amount. It is important for the insured to understand the terms and conditions of the policy, as well as any exclusions or limitations, in order to make informed decisions about their coverage.
