What is the definition of a consumer in the context of insurance products?

The definition of a consumer in the context of insurance products refers to an individual seeking an insurance product. In insurance terminology, a consumer is typically understood as a person who is in the market for insurance to protect against various risks, such as health, property, or liability. This definition reflects the primary role of consumers as purchasers or users of insurance services, thereby distinguishing them from other entities like businesses or government agencies that may also engage in insurance transactions but are not considered consumers in the traditional sense.

In contrast, businesses, government entities, and financial institutions are categorized differently within the insurance landscape. Businesses acquiring insurance services are seen as commercial clients, while government entities purchasing policies are typically involved in public insurance programs or specific public sector risks. Financial institutions providing loans might require insurance as a stipulation for lending but do not fall under the consumer category. This focus on individuals highlights the direct relationship that consumers have with insurance products, making it critical to understand their needs and preferences when developing and marketing insurance solutions.