Who is referred to as the 'insurer' in an insurance contract?

In an insurance contract, the term 'insurer' specifically refers to the company that provides insurance coverage. This is the entity that takes on the risk by promising to compensate the insured party (the individual or entity covered by the insurance policy) in the event of a loss, damage, or liability specified in the insurance agreement. The insurer collects premiums from the insured in exchange for this coverage, and their obligations are defined by the terms set out in the policy documentation.

This understanding distinguishes the insurer from other roles within the insurance framework. For instance, while the insured is the party protected by the policy, an insurance agency acts as an intermediary that sells insurance products but does not itself take on the risk. The entity that handles claims is typically a part of the insurer's operations but does not define who the insurer is in the context of the insurance contract. Therefore, the company that provides the insurance coverage is the correct answer, as it embodies the entity responsible for fulfilling the insurance contract obligations.