Which of the following is defined as the party that the insurer agrees to indemnify?

The term "insured" refers to the party that the insurer has entered into a contract with to provide coverage against certain risks. This party is identified in the insurance policy as the one who ultimately benefits from the indemnification provided by the insurer. The role of the insured is central to the insurance contract because they are the individuals or entities that the insurer agrees to protect against losses as specified within the terms of the policy.

In contrast, the named insured typically refers to the specific individual or entity expressly identified in the policy documentation, which may include multiple parties. While the named insured is certainly an insured, the broader term "insured" encompasses all individuals covered under the policy.

The mortgagee is a lender or financial institution that holds a mortgage on property, which may or may not be an insured party under a typical homeowners or auto insurance policy, as their role is more related to financial interests rather than direct indemnity.

The first named insured is a specific designation used in many policies to signify the primary insured party, often with certain privileges and responsibilities that other insured parties may not have. However, just like the named insured, they fall under the broader definition of an insured.

Therefore, identifying the party that the insurer agrees to indemnify is best captured by the