Which of the following best defines a Natural Person?

The definition of a Natural Person refers specifically to a real, living human being. This term is used in legal contexts to differentiate individuals from legal entities, such as corporations or organizations. A Natural Person possesses legal rights and responsibilities, acts on their own behalf, and can enter into contracts, own property, and sue or be sued.

Understanding this definition is crucial in various aspects of law, especially in insurance, where it is important to differentiate between the rights of individuals and those of corporations. The other options describe entities or concepts that do not fit the criteria of a Natural Person. For example, corporations and governments are classified as legal entities, which have different rights and responsibilities under the law compared to individuals. The concept of legal rights as an abstract notion does not correspond to the tangible existence of a human being, thus reinforcing the clear distinction that a Natural Person is a living human being.