The ________ is the party who agrees to compensate the other person against possible losses.

Question

Question: The ________ is the party who agrees to compensate the other person against possible losses.

Options:

1.  Insured
2.  Insurer
3.  Assured
4.  None

Answer 1

2. Insurer

The insurer is the party who agrees to compensate the other person against possible losses.

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More information:

A insurer is a company that underwrites an insurance risk; one who calculate risks, provide insurance policies, and pays out the insurance claims.

There are three crucial components of any insurance:

1. Premium
2. Policy limit
3. Deductible