In insurance terminology, who is referred to as the "insured"?

In insurance terminology, the term "insured" specifically refers to an individual or entity that is covered by an insurance policy. This designation is crucial because it identifies who is protected under the contract and who can receive benefits or compensation in the event of a covered loss. The insured is the party that may seek to claim benefits from the insurer when an insured event occurs, such as an accident, damage, or loss that falls within the coverage provided by the policy.

The other choices do not align with the definition of the insured. The insurance policy itself is a document that outlines the terms of the coverage but does not represent a person or entity. The insurance company is the provider of the coverage, responsible for underwriting and paying claims, but is distinct from the insured individual or entity. A third-party beneficiary could receive benefits from the policy under certain conditions, but they are not the primary party covered by the insurance. Thus, the right choice emphasizes the role of the person or entity that is safeguarded by the policy's provisions.