Policyholder
Policyholder
A Policyholder is a person or entity who owns an insurance policy, typically, but not always, purchased from an insurance company. The policyholder is also often the individual or entity covered by the insurance policy, but this is not always the case. For example, a policyholder may purchase an insurance policy for a different individual or entity, such as a parent purchasing a life insurance policy for a child.
Overview[edit | edit source]
The policyholder pays a premium to the insurance company in exchange for the insurance coverage provided by the policy. The premium amount is determined by a variety of factors, including the type and amount of coverage provided by the policy, the policyholder's age, health, and other risk factors, and the insurance company's underwriting guidelines.
The policyholder has certain rights and responsibilities under the insurance policy. These include the right to receive the benefits provided by the policy in the event of a covered loss, and the responsibility to pay the premium and comply with the policy's terms and conditions.
Types of Policyholders[edit | edit source]
There are several types of policyholders, including:
- Individual Policyholders: These are people who purchase insurance policies for themselves or their families. This can include life insurance, health insurance, auto insurance, homeowners insurance, and more.
- Business Policyholders: These are businesses or other organizations that purchase insurance policies to cover their operations. This can include liability insurance, property insurance, workers' compensation insurance, and more.
- Government Policyholders: These are government entities that purchase insurance policies to cover their operations. This can include liability insurance, property insurance, workers' compensation insurance, and more.
See also[edit | edit source]
References[edit | edit source]
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Contributors: Prab R. Tumpati, MD
