What does 'person' encompass in the context of insurance definitions?

In the context of insurance definitions, the term 'person' is broad and encompasses any individual or legal entity, which includes not only private individuals but also corporations, partnerships, and government agencies. This comprehensive understanding reflects the various types of entities that can engage in contracts, own policies, or be involved in the insurance process.

The inclusion of both individual and legal entities recognizes that insurance transactions can occur with corporate entities and other organizational structures, not just with private citizens. This definition is crucial for ensuring that the framework of insurance law can accommodate the wide variety of participants in the insurance marketplace.

This broad definition differentiates the term from more narrow interpretations that might only consider private individuals or a specific category of organizations, thus supporting the concept that all forms of entities, irrespective of their nature or purpose, can be subjects of insurance agreements.