The person purchasing an insurance policy pays a _______ and when the insurance company pays the plaintiff, the plaintiff is known as the ________.

Question

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The person or company purchasing the insurance policy is called the insured. The insured pays a specific amount of money to the insurance company. This payment is called a premium. The insurance company is the insurer. The insurer agrees to compensate the insured for specific losses covered in the insurance contract or policy. When the insurer (insurance company) pays the plaintiff, the plaintiff is known as the third party.

The Person Purchasing an Insurance Policy Pays a _______ and When