Named Insured

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Named Insured

The person or company covered by an insurance policy. The named insured may or may not be the policyholder, or may include the policyholder along with other named insured. For example, one may buy a health insurance policy in which the named insured are the policyholder and his/her spouse.
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State law mandates a premium discount of no less than five percent for each motor vehicle on a policy under which all named insureds are 55 years of age or older and have successfully completed a motor vehicle driver improvement course that meets the standards of the PA Department of Transportation.
In the personal and business auto forms, it is clear an insured's sole liability arising from use of a covered auto is only provided for named insureds and other specified or permissive users.
Historically, master policies have included the parent and subsidiaries and affiliates as named insureds.
This is so even in the case of a leased vehicle, where both the lessor and the lessee may be named insureds under the policy, and the lessee damages the vehicle while impaired.
of Pittsburgh, a Louisiana federal court held that loading a truck constituted a "use" of a motor vehicle and, therefore, the company and its employee loading the truck were insured for purposes of the MCS-90 endorsement, even though they were not named insureds in the policy.
Named Insureds on insurance policies can be persons, partnerships, corporations, unincorporated associations, or limited liability companies to whom the insurance policy is issued.
ALL NAMED INSUREDS MUST RECEIVE ADEQUATE NOTICE OF CANCELLATION OR POLICY REMAINS IN EFFECT
For the named insureds in the lowest 10 percent of the credit scores, the relative loss ratio for their policies averaged 53 percent higher than expected, whereas for the named insureds in the highest 10 percent of the credit scores, the relative loss ratio averaged 25 percent lower than expected (where by construction, a relative loss ratio of one was the expected loss ratio over all policies without using credit scoring).
First, any one of the named insureds can submit claims and potentially exhaust the policy limits, leaving no coverage available for other insureds under the policy.
If the personal property is jointly owned, or considered shared property, a renters policy may be written with both partners listed as named insureds.
Are all of your association's subsidiary operations and chapters included as named insureds on your association insurance policies?