Insurance Policy Holder Name Definition
Policyholder definition the individual or firm in whose name an insurance policy is written.
Insurance policy holder name definition. The terms policy holder and policy owner are in this case interchangeable. As the policyholder you can also add more people to your policy depending on your relationship. In insurance the insurance policy is a contract generally a standard form contract between the insurer and the insured known as the policyholder which determines the claims which the insurer is legally required to pay. Acting on insurers behalf coverholders collect premiums pay applicable taxes and fees issue policy documents and sometimes settle claims.
Depending on the contract the policyholder may be the holder of the policy while the insured or beneficiary is a different party. In the realm of life insurance the policy holder generally refers to the policy owner. One of the parties is the insurer which is the insurance firm and the other is the policyholder who agrees to the specified terms for coverage. However most certificates of insurance include a clause stating that the company will only endeavor to contact the holder regarding cancellation.
The person who owns a life insurance policy this is usually the insured person but it may also be a relative of the insured a partnership or a corporation. N a person or organization in whose name an insurance policy is registered n. One that holds an insurance contract or policy. A policyholder is the person who owns the insurance policy.
So if you buy an insurance policy under your own name you re the policyholder and you re protected by all of the details inside. Insurance certificate holders will often want the insurance company to contact them in event of policy cancellation before the expiration date. The individual or firm in. Policyholder definition of policyholder by the free dictionary.
What is the definition of insurance policy holder name. In exchange for an initial payment known as the premium the insurer promises to pay for loss caused by perils covered under the policy language.
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