The Collaborative International Dictionary of English v.0.48:

Insurant \In*sur"ant\, n.
   The person insured, called also the insured. --Champness.
   [1913 Webster +PJC]

The Collaborative International Dictionary of English v.0.48:

Insure \In"sure\, v. t. [imp. & p. p. Insured; p. pr. & vb. n.
   Insuring.] [OE. ensuren, prob. for assuren, by a change of
   prefix. See 1st In-, and Sure, and cf. Assure,
   Ensure.] [Written also ensure.]
   [1913 Webster]
   1. To make sure or secure; as, to insure safety to any one.
      [1913 Webster]

   2. Specifically, to secure against a loss by a contingent
      event, on certain stipulated conditions, or at a given
      rate or premium; to give or to take an insurance on or
      for; as, a merchant insures his ship or its cargo, or
      both, against the dangers of the sea; goods and buildings
      are insured against fire or water; persons are insured
      against sickness, accident, or death; and sometimes
      hazardous debts are insured.
      [1913 Webster]

WordNet (r) 3.0 (2006):

insured
    adj 1: covered by insurance; "an insured risk"; "all members of
           the film cast and crew are insured" [ant: uninsured]
    n 1: a person whose interests are protected by an insurance
         policy; a person who contracts for an insurance policy that
         indemnifies him against loss of property or life or health
         etc. [syn: insured, insured person]