Which of the following defines the term ‘Insured Party’?

The term 'Insured Party' refers specifically to the individual, entity, or corporation that is covered under an insurance policy. This definition encompasses anyone who has protection from financial loss due to specific risks outlined in the policy, such as accidents, liability, or property damage.

This option highlights the role of the insured party in a policy: they are the ones who benefit from the insurance coverage provided. Understanding this term is essential, as it differentiates those who are actually protected from those who may be involved in the transaction, such as the insurer or policyholder.

In contrast, other options focus on different aspects of an insurance relationship. For instance, the insurer listed on the policy refers to the company providing the coverage rather than the entity receiving it, while the beneficiary of an insurance policy typically refers to someone who receives a payout upon the insured party's death or after a claim, not to the insured party themselves. Lastly, a policyholder with unpaid premiums denotes a specific circumstance regarding payment status, which does not define who is covered under an insurance policy. Thus, option B accurately captures the essence of who the insured party is in the context of insurance.