Q.Distinguish between 'Insurer' and 'Insured'.

These two key terms describe the two opposite parties to every insurance contract. …

The Insurer is the party to the insurance contract — typically an insurance company — who, in consideration of receiving the premium, undertakes the obligation to indemnify the insured for a covered loss (general insurance) or to pay the agreed sum assured on a specified event (life insurance). The Insured, also called the Policyholder, is the other party — the person whose life, property, or other insurable interest is the subject-matter of the policy, and who pays the premium in exchange for the insurer's promise of protection. In short, the Insurer bears and manages the risk in return for the premium; the Insured transfers that risk …