The insured

This is the person who is exposed to the risk (themselves or their property or economic interest).

For example:

  • In life insurance, the insured is the person whose life the contract is based on (their survival or death within a given period of time).
  • In fire insurance, the insured is the owner of the property covered by the policy.

What rights do they have?

The insured has the right to know that an insurance policy has been taken out on their life or property, as they must give express consent for the insurance to be taken out.

For example, when taking out a life insurance policy, the insured must accurately fill out a declaration on their health, habits, etc.

What are their obligations?

When an asset is insured, the insured must take care of it, protect it and take the necessary precautions to avoid a claim.  When the asset suffers damage, they must take the appropriate measures to lessen the consequences and avoid further damage.

For example, surveillance or control after a fire to avoid looting.