The term "insured" refers to an individual or entity that has purchased an insurance policy to protect against potential financial losses. This policy provides coverage for specific risks, such as accidents, health issues, or property damage. In exchange for regular premium payments, the insurance company agrees to compensate the insured for covered losses. When an insured event occurs, the insured can file a claim with the insurance provider. The insurer then evaluates the claim and, if approved, provides financial support according to the terms of the policy. This process helps mitigate the financial impact of unexpected events on the insured.