What term refers to the individual defined as the insured in an insurance policy contract?

The term that refers to the individual defined as the insured in an insurance policy contract is the "Named Insured." This designation specifically identifies the person or entity that is covered by the policy and is the primary insured party. The Named Insured is the individual who has been specifically mentioned in the policy documents, which means they have rights and responsibilities under that insurance contract.

In contrast, the other terms in the choices refer to different roles within the context of insurance. The Premium Holder typically refers to the party that pays the insurance premiums but may not necessarily be the insured individual. The Policy Applicant is the person who applies for the insurance policy, which may or may not be the same as the Named Insured. A Loss Payee is usually a lender or financial institution that has an interest in the insured property and is entitled to receive payment in the event of a loss, but does not define who the insured is. Overall, "Named Insured" specifically pertains to the individual whose interests are protected under the insurance policy.