ECONOMICS
INSURANCE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Another term for an insurance company
|
|
|
The person or company buying the insurance policy
|
|
|
The amount paid for insurance coverage
|
|
|
None of the above
|
Detailed explanation-1: -Most often, the policyholder is the one who is insured in the policy as well. In types such as home insurance or vehicle insurance, these are the same. But note that it is not necessary for a policyholder and the person insured to be the same. Both the insured and policyholder are related but can be different as well.
Detailed explanation-2: -All insurance policies have a policyholder. A policyholder is the person who has purchased and owns an insurance policy.
Detailed explanation-3: -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. As the policyholder, you can also add more people to your policy, depending on your relationship.
Detailed explanation-4: -A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured.
Detailed explanation-5: -Policyholder is another way of saying “policy owner.” If you buy an insurance policy in your own name to insure your own stuff, you’re the holder of that policy: the policyholder. Policyholder is the same as named insured.