Discover the difference between the insured and the contracting party

When thinking about insurance, various concepts come to mind that we have heard at some point, but perhaps we are not very clear about its definition, that is why through this small article we want to clarify two super concepts important that you should know.

What is a contractor?

It is the person who contracts the insurance and is in charge of paying the premiums for it. It should be noted that if you take out insurance for yourself, you will be contracting and insured at the same time, but it should be noted that the contracting party and the insured are not always the same person.

For example, if Juan took out insurance for Mario, the latter would be the insured.

On the other hand, we have the insured, which is the person on whom the insurance coverage falls, where «what is insurable» is the integrity or life of that person.

We must mention to remember that the insurance is only effective once the insured suffers the loss and that in the event that the contractor and the insured are not the same person, there must be a real bond of the contractor to avoid risks on the person who was insured (it can be spouses, children, etc).

It is important that at the time of contracting insurance, you know the basic concepts and the necessary information so that you can better orient yourself and know what you are looking for and what is best for you and the care of your family.

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