What is the difference between named insured and additional insured?

If the policyholder and the insured are different persons.

It is any affectation suffered by the Insured Party as a consequence of a condition, as well as all injuries, complications, illnesses, relapses, sequels or affections, derived from the initial event.

a. The necessary infrastructure is available to diagnose and treat conditions, including surgery. Treatments must be carried out within the confines of the facility or in facilities controlled by the facility.

a. Clinics for the treatment of mental illnesses or whose main purpose is the treatment of psychiatric illnesses. Likewise, treatment in psychiatric departments of hospitals is excluded.

Alteration of the physiological and/or morphological state of health of an organ or system that originated during the period of gestation or birth, regardless of whether it is evident at the time of birth or manifests itself subsequently.

It is the set of coverages and conditions of the policy such as group of hospitals, sum insured, deductible, coinsurance, tabulation of medical fees, additional benefits, among others, including their endorsements, which indicate to the Insured the benefits to which he/she is entitled.

Policyholder’s rights

When you take out an insurance policy, it is essential that you take certain aspects into account. Above all, those concerning your rights and obligations as a policyholder. In this article we offer you more details on the options available to you and how to select the product you prefer.

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One of the most important features of the insurance market is its complexity. As the circumstances that can be insured are infinite, so are the different circumstances. In fact, an insurance policy can be for the person who takes it out, his or her children, spouse or other heir.

The insurer is the insurance company to which you have to pay the premium and which, in the event of the occurrence of the event that motivated the contract, will be obliged to pay the amount agreed at the time. This will be stated as such in the contract.

The policyholder has a series of rights, which the insured and the beneficiary do not have, if they are not the same person. In the first place, he/she may cancel the contract, if he/she considers it appropriate, and change the premium data, the beneficiaries and the insurance coverages.

Who is the insured in a policy

Law Regulating Insurance Contracts, amending the Worker’s Protection Law, the Law Regulating the Insurance Market and the Fidelity Insurance Law, repealing Law No. 11 of 02/10/1922, Law No. 59 of 05/02/1925, Law No. 48 of 27/07/1926 and Section 24 (e) of Law No. 8653.

Law Regulating Insurance Contracts, amending the Worker’s Protection Law, the Law Regulating the Insurance Market and the Fidelity Insurance Law, repealing Law No. 11 of October 2, 1922, Law No. 59 of February 5, 1925, Law No. 48 of July 27, 1926 and Section 24(e) of Law No. 8653.

Difference between a named insured and a social security beneficiary

The named insured is the person or persons who hold all the rights and coverages of an insurance policy and is often the primary policyholder. The additional insured may have many, if not all, of the same coverages as the named insured, but does not have control over policy decisions. They cannot make adjustments to the policy in terms of coverage, effective dates and naming other insureds.

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Because many situations require additional insured endorsements, the process for obtaining one is usually quite simple. First, review your coverage with the agent who sold you the policy to see if giving the individual additional insured status is a good idea and how much coverage the additional insured should get. Next, you fill out a short form that is essentially an endorsement application.

There are several different types of additional insured endorsements, so be very clear about your relationship to the person requesting additional insured status. For example, some situations may require an endorsement that protects the additional insured only when work is being performed, while others also need coverage for completed operations. Each situation is covered by a different endorsement and requires a different form.

What is the difference between named insured and additional insured?
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