Common Insurance Terms

Insured — Someone protected, or covered, by an insurance policy

Policyowner — Someone who owns, and has control of, an insurance policy; in most Insurance policies, the policyowner is also an insured

Insurer — The insurance company that issues (sells) an insurance policy; also known as the carrier

First Party — The insured

Second Party — The insurance company

Third Party — Someone other than the insured or the insurance company