Individual, entity or property, covered under an insurance policy against insured perils. (source: http://www.businessdictionary.com/definition/insured.html)

Company that sells a product called insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. (source: http://en.wikipedia.org/wiki/Insurance#Insurance_companies)

An insurance contract is a legal agreement that spells out the responsibilities of both the insurance company and the insured, as well as the specific

Any risk that can be quantified and be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance