MANAGEMENT

Detailed explanation-1: -The policyholder is the person/entity who proposes the policy. The policyholder owns the policy. He pays the premium and all benefits under the policy are payable to him only.

Detailed explanation-2: -A policyholder is the person who has purchased and owns an insurance policy.

Detailed explanation-3: -If you own an insurance contract or policy, you are a policyholder, also known as the policy owner. As a policyholder, you may also be the person covered by the policy–referred to as the insured–although you may own a policy that names someone else as the insured.

Detailed explanation-4: -The owner is the person who has control of the policy during the insured’s lifetime. They have the power, if they want, to surrender the policy, to sell the policy, to gift the policy, to change the policy death benefit beneficiary. They have absolute control over the policy during the insured’s lifetime.

Detailed explanation-5: -An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. 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.