Definition: The term "insuror" derives from Old French, "insu" meaning "to make, to take care." In the 18th century, the term "insuror" was used by Englishmen to describe a person who held an insurance policy. This phrase has since been expanded to include any individual or entity that holds a financial instrument as a security for another. The word "principal" in this context refers to the highest level of ownership in a business or property, typically expressed as "the primary owner." In legal terms, the principal is usually the person who is considered to have possession and control over the asset, which may include a company's stock, assets, or real estate. For example, if a principal owns a car and controls it, that person would be considered the principal in this case. The word "principal" has several meanings depending on the context: as in the legal sense, the highest level of ownership; in financial terms, as in the insurance context; and as in everyday usage, as in referring to someone who owns a significant portion or stake in something.
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