policyholder
Noun: A person or entity that owns an insurance policy. This is the party who has entered into a contract with an insurance company, pays the premiums, and is entitled to the benefits and rights specified in the policy. The policy is typically written in the policyholder's name.
The term "policyholder" identifies the legal owner of an insurance contract. It is a formal term used in insurance documents, discussions about coverage, and legal contexts. - The policyholder is responsible for paying the premiums to keep the insurance active. - Rights, such as making changes to the policy or filing a claim, belong to the policyholder. - The policyholder may or may not be the same person as the insured individual or the beneficiary.
- The policyholder must notify the insurance company of any change of address.
- As the policyholder, she has the authority to cancel the policy at any time.
- The death benefit will be paid to the beneficiary designated by the policyholder.
- Named Policyholder: Refers to the specific individual or entity listed as the owner on the policy document.
- The contract clearly states that only the named policyholder can authorize major changes.
- Joint Policyholders: When a policy, such as a life insurance policy, is owned by more than one person.
- The couple are joint policyholders on their home insurance.
- Policy: (noun) The contract of insurance itself.
- The policy outlines the terms of coverage.
- Insured: (noun/adjective) The person or property covered by the insurance policy. This can be the policyholder or someone else.
- The insured driver was not at fault in the accident.
- Beneficiary: (noun) The person designated to receive the insurance payout.
- He named his daughter as the primary beneficiary.
- Contract Holder: The person who holds the insurance contract.
- Policy Owner: A direct synonym emphasizing ownership of the policy.
The core meaning is the owner of the insurance contract. It is crucial to distinguish the policyholder from other related roles: - Policyholder vs. Insured: The policyholder owns the contract; the insured is the person whose life, health, or property is covered. They are often the same person but can be different (e.g., a parent is the policyholder for a child's insurance). - Policyholder vs. Beneficiary: The policyholder controls the policy; the beneficiary receives the payout upon a claim event, as specified by the policyholder.
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a person who holds an insurance policy; usually, the client in whose name an insurance policy is written
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