Policyholder
Policyholder
Policyholder (/ˈpɒlɪsiːˌhoʊldər/), also known as the insured, is a person or entity who owns an insurance policy and has the right to exercise all privileges under the contract of insurance.
Etymology
The term "policyholder" is derived from the words "policy", which comes from the French police, meaning contract, and "holder", which originates from the Old English haldan, meaning to possess or to hold.
Definition
A Policyholder is the individual or entity who has purchased and holds an insurance policy. They are the ones who have the contractual rights and responsibilities under the insurance policy. The policyholder is also the person who makes premium payments to the insurance company.
Related Terms
- Insurance Policy: A contract between the policyholder and the insurance company, outlining the terms and conditions of the insurance coverage.
- Premium: The amount of money that the policyholder pays to the insurance company in exchange for insurance coverage.
- Beneficiary: The person or entity who will receive the insurance payout in the event of a claim.
- Claim: A formal request by the policyholder to the insurance company for coverage or compensation for a covered loss or policy event.
- Underwriter: The person or entity that evaluates and assumes the risk of a given insurance policy.
See Also
External links
- Medical encyclopedia article on Policyholder
- Wikipedia's article - Policyholder
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