(A) insurances. One who signs a policy of insurance, by which he becomes an insurer. 2. By this act he places himself as to his responsibility, in the place of the insured. He may cause a re-insurance to be made for his benefit; and it is his duty to act with good faith, and, without quibbling, to pay all just demands against him for losses. (B) An insurer, a person or entity who assumes the risk of another party and compensates that party for any loss under the terms of an insurance policy.