What is your relationship to the policyholder?
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.
What is your relationship to the insured?
Your relationship to the insured. You may be related to the insured person in one of several ways and be entitled to benefits as his or her child, i.e. , as a natural child, legally adopted child, stepchild, grandchild, stepgrandchild, or equitably adopted child.
What is a policyholder?
A policyholder is a person or entity whose name appears on the records of the insurance firm. The policyholder is a person or entity who owns or controls an insurance policy and has the privilege to exercise the rights outlined in the contract. This party is often, but not always, the insured and may or may not be one of the policy’s beneficiaries.
What are the obligations of the policyholder to the insurance company?
As an entity signing a contract, the policyholder has several obligations to the insurer. These include the provision of all and accurate information for underwriting purposes, honoring the agreed specific terms, and paying the required premiums.
Can there be more than one policyholder on a policy?
There can also be situations where there is more than one policyholder but even in those unique situations, there is one “named policyholder” or “named insured” who is responsible for leading the policy. This person will also have the power to request changes to the policy from the insurer.