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Insurance Policy
An insurance policy is a contract between an individual or entity (business) and an insurance company. This contract outlines the terms and conditions under which the insurance company agrees to provide financial protection or reimbursement to the insured individual or entity against specific types of losses, damages, or risks.
Eg: Health Insurance Policy
Insurance Company / Carrier / Insurer / Market
The insurance company is the organization that provides insurance. They are the ones selling the actual insurance policy.
At times, the insurance company is also referred to as the Market, or Carrier. Think of the insurance company as being a market you are trying to buy insurance from.
Eg: Liberty Mutual
Insured / Customer / Business / Policy Holder / Account / Risk
The insured is the entity actually trying to buy insurance for themselves. The insured is also referred to as the customer, Account, Market, Business etc.
When the customer actually buys a policy they become the Policy Holder.
Eg: A business trying to buy General Liability insurance to protect their business.