assured

In the UK the assured is a person (or people) who has entered into a life assurance contract with a life office and is the policyholder. The person on whose life the policy is taken out is known as the life assured. The assured and the life assured are often the same person but not always. In the USA the expression 'insured' is used. In life insurance, the insured is the person (or people) who has entered into a contract and on whose life the policy is written. On the death of the insured the face amount of the policy passes to the beneficiary.