Insured and Insurance Company

Question 1

Named insured

Answer 1

The individual whos name appears on the policy’s declaration

Question 2

First named insured

Answer 2

Individuals or businesses that are not named as insureds on the declaration page, but are protected by the policy, usually in regard to a specific interest.

Question 3

Duties of named insured

Answer 3

-Protect the damaged property
-Prepare an inventory of damaged property
Cooperate with the insurer in settling the loss
-Notify the police in the case of a theft loss
-Submit to the insurer a signed proof of loss within an allotted amount of time

Question 4

Obligations of the insurance company

Answer 4

In return for premium, must be fair in underwriting and must pay covered losses.