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Insured Meaning: Definition, Examples, and Translations

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insured

[ɪnˈʃʊrd ]

Definition

Context #1 | Adjective

financial context

The term 'insured' refers to an individual or entity that is covered by an insurance policy. This means that they have protection against certain risks or damages, as specified in their insurance agreement. In case of a covered event, the insured party can file a claim to receive compensation from the insurance provider. By being insured, individuals or businesses can mitigate financial losses that may arise from unpredictable incidents.

Synonyms

covered, protected, secured.

Examples of usage

  • The insured party filed a claim after the car accident.
  • It is important to ensure that all valuable assets are insured.
  • Being insured provides peace of mind during uncertain times.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Cultural Significance

  • In modern society, insurance is seen as a necessary part of responsible financial planning, reflecting cultural values of security.
  • Different cultures have various views on risk and insurance; for instance, collectivist societies may emphasize community support over individual insurance.
  • Movies and literature often depict insurance as a safety net, evolving into a plot device that reveals human behaviors towards risk and responsibility.

Psychology

  • Having insurance can provide psychological comfort, significantly reducing anxiety about possible future calamities.
  • Studies show that people with insurance often feel a greater sense of security, impacting their daily decision-making.
  • The concept of risk assessment in psychology relates closely to how insured individuals evaluate their life choices and behaviors.

Economics

  • Insurance is a multi-trillion-dollar industry worldwide, impacting global economies through investments and job creation.
  • The principle of spreading risk across many people allows insurers to manage large potential losses more efficiently.
  • Economic theories highlight how insurance can encourage risk-taking behavior in businesses, leading to innovation and growth.

Technology

  • The rise of technology has changed how insurers assess risk, using data analytics to create more personalized policies.
  • Insurtech startups are leveraging AI and blockchain to streamline claims processes and improve customer experiences.
  • Digital platforms are increasingly being used for policy management, making it easier for individuals to access and update their insurance.

Origin of 'insured'

Main points about word origin

  • The word 'insured' comes from the Latin root 'securus', meaning free from care.
  • Historically, the term evolved from the Middle French 'ensurer' in the 16th century, implying a guarantee of safety.
  • Insurance as a concept can be traced back to ancient civilizations like Babylon, where merchants would protect their goods with agreements.

The word 'insured' comes from the verb 'insure', which itself derives from the Middle French term 'ensurer', meaning 'to make sure'. The root of 'insure' relates to the concept of assurance or security, and it dates back to the 14th century. In early finance, insurance acted as a promise of indemnity or compensation for loss. The evolution of insurance as a formal industry began in the late 17th century, with policies emerging in England to cover maritime risks. The term has since been expanded to cover various forms of insurance, including life, health, and property, reflecting societal changes in how risks were evaluated and managed over time.

Word Frequency Rank

Ranking #3,540, this word is part of upper-intermediate vocabulary. While not among the most basic terms, it appears often enough to be valuable for advanced communication.