Who is defined as the individual or entity covered under an insurance policy?

The correct response is the "Insured." This term refers specifically to the individual or entity that is covered under an insurance policy. When an insurance policy is purchased, it defines the person or organization that is protected against specific losses or damages outlined in the policy terms. This coverage can apply to a variety of scenarios, such as health, auto, homeowners, or any type of insurance, depending on the nature of the policy itself.

In contrast, an insurance producer is typically an agent or broker who sells insurance policies and is not the one being insured. A beneficiary is someone designated to receive benefits from a policy, often seen in life insurance, but they are not necessarily the insured party. The policyholder, while often closely related to the insured, refers to the person or entity that owns the insurance policy and may not always be the one directly covered under it. For instance, in cases where a parent holds a policy on a child, the parent is the policyholder, but the child is the insured. Thus, "Insured" is the most accurate term in this context for describing who is protected under the policy.