What term refers to the individual who purchases an insurance policy?

The term that refers to the individual who purchases an insurance policy is "insured." This individual enters into a contractual agreement with an insurance company, agreeing to pay premiums in exchange for coverage against specific risks. The insured is protected under the terms of the policy and is the primary party involved when it comes to claiming benefits when a covered loss occurs.

The other terms are related but denote different roles within the insurance process. The beneficiary is the person or entity designated to receive the benefits from the insurance policy upon the occurrence of a covered event, typically in life insurance situations. An insurance agent acts as an intermediary between the insurer and the insured, helping clients understand their options and facilitating the purchase of policies. The underwriter, on the other hand, assesses risk and determines the terms under which the insurance company will agree to provide coverage, including the premiums to be charged. Understanding these distinctions is important in grasping the various roles involved in the insurance industry.