A person or (less commonly) an organization that has an
insurance policy. The policyholder receives the specific types of
coverage (
life,
health, etc.) stated in the policy, subject to the
payment of
premiums, usually on a monthly basis. It is important to note that a policyholder does not make any legally enforceable promises when he/she takes out a policy. Specifically, the insurance company cannot legally compel the policyholder to pay his/her premiums; its only recourse is to stop coverage. On the other hand, the policyholder can force the insurance company to provide coverage if it refuses to do so, provided he/she has in fact paid premiums.