Assured Legal Meaning and Definition

Here is a simplified definition of the legal term Assured.

Assured (adjective)

In legal terms, 'Assured' refers to the specific amount of money that has been agreed upon to be given during unforeseen or planned future events to the individual, organization, property, object or deal that has taken out an insurance policy for its protection against potential risks. The amount is determined at the time of drafting the insurance agreement and becomes due to the 'assured' party when the specified circumstances occur.