Policyholder

Policyholder refers to the person or entity in whose name an insurance policy is issued and who bears the contractual obligation to pay premiums. The policyholder typically owns the contract and holds the right to make changes within the policy, designate or change beneficiaries, and receive policy documents and notices. In many cases the policyholder also has the right to assign ownership or transfer the policy to another party, subject to policy terms and applicable law.

The insured is the person whose risk is covered by the policy, while the beneficiary is the person or entity designated to receive any proceeds from a claim. The policyholder may be the insured, but in life and some other forms of coverage the policyholder and the insured can be different parties. In group policies, the policyholder is often an employer, association, or other entity that secures coverage for a group of individuals.

Responsibilities of the policyholder include providing accurate information, paying premiums when due, and notifying the insurer of changes in risk, ownership, or contact details. The policyholder is usually required to comply with policy conditions, disclose material information, and comply with cancellation or surrender terms. If premiums are not paid, the policy may lapse; if misrepresentations are made, a claim may be denied.

Policyholders have rights under the policy, such as receiving policy terms, making claims within the stated time limits, requesting changes, and assigning ownership, subject to insurer approval and policy provisions. The precise rights and obligations depend on the policy type, jurisdiction, and the contract.