What does the term first-named insured refer to?

The term first-named insured refers to the first person listed on the declarations page of an insurance policy. This individual is typically granted certain rights and responsibilities under the policy, such as the authority to make changes to the coverage or file claims. Being the first-named insured often grants a position of primacy in the sale of the policy, which can influence how claims are handled and payouts are made.

This designation is particularly significant in commercial insurance policies, where there may be multiple insured parties covered under a single policy. The first-named insured may often have additional authority, especially in acknowledging premium payments or making decisions regarding the policy itself. Understanding this designation helps clarify the responsibilities and privileges afforded to named insureds in an insurance contract.