Which term best describes the person or entity that the insurer promises to protect?

The term that best describes the person or entity that the insurer promises to protect is "Insured." This designation refers to the individual or group covered by an insurance policy. The insurer has a contractual obligation to provide financial protection or compensation for losses or damages that the insured may incur, as specified in the policy terms.

The concept of the insured is central to understanding how insurance works, as it identifies the party that receives the benefits and protections afforded by the policy. The coverage typically applies to losses due to specific risks outlined in the policy, such as theft, damage, liability, or health-related issues, thus fulfilling the insurer's commitment to safeguard the insured's interests.

The other options refer to related but distinct roles in an insurance context. An insurer is the company providing the insurance coverage, while "First Party" generally describes the insured in relation to a claim, emphasizing the relationship in loss situations. "Named Insured" specifies the individual or entity explicitly identified in the insurance policy, which may differ from other beneficiaries or additional insureds in certain situations. While these terms have their uses, they do not encapsulate the broader notion of someone being protected under the insurance agreement like "Insured" does.