MANAGEMENT

Detailed explanation-1: -All insurance policies have a policyholder. A policyholder is the person who has purchased and owns an insurance policy.

Detailed explanation-2: -For example, a person may take out life insurance on their spouse. The person taking out the policy is the policyholder and receives benefits, but the spouse is the insured.

Detailed explanation-3: -As mentioned earlier, the ‘insurer’ is the one calculating risks, providing insurance policies, and paying out claims. The ‘insured, ’ on the other hand, is the person (or people) covered under the insurance policy.

Detailed explanation-4: -2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover. 4) The proposer is the person who takes the cover and is also called the policyholder.