Insurer

Insured

Insurer sells the insurance policy and provides coverage

Insured buys the insurance policy and is covered by the policy

Insurer is responsible for paying out benefits to the insured if an event covered by the policy occurs

Insured is responsible for paying premiums to the insurer

Insurer is responsible for processing and paying claims

Insured may file a claim with the insurer if an event covered by the policy occurs

Insurer assumes the risk of paying out benefits to the insured if an event covered by the policy occurs

Insured is protected from the financial consequences of the event by the policy

Earns profits from selling insurance policies and from investments of the premiums collected from the insured

Insured does not earn profits from the insurance policy but only receives the intended benefits