Which party is designated as the insured in an insurance policy?

The insured in an insurance policy is the party purchasing the insurance. This designation signifies that the individual or entity that is seeking coverage is the one that will receive the benefits outlined in the policy in the event of a loss or claim. The insured is essentially the one who is protected from specific risks outlined in the policy, and they pay premiums to the insurance company to obtain this protection.

In contrast, the policy issuer refers to the insurance company itself, which provides the coverage, rather than being the one that is protected by it. The agent selling the policy acts as a representative of the insurance company and facilitates the transaction but is not the party covered by the policy. Similarly, the underwriting company evaluates and determines the risk associated with insuring the policyholder but does not receive benefits from the policy itself. Thus, the correct choice clearly identifies the party that benefits from the insurance coverage.