Policyholder

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Related to Policy Holders: Paid Up Policy

Policyholder

An individual who owns an insurance policy.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Policyholder

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
To promote the phenomenal success of bancassurance model and to protect and ensure the policy holder's right, the SECP (Securities and Exchange Commission of Pakistan) issued its first formal guidelines, for the businesses falling under the purview of bancassurance mode, in the year 2010.
Last year, IRA received 2,233 complaints from policy holders against 3, 140, 000 policies in force during the period.
State Life Insurance Corporation is committed to work tirelessly to advance maximum benefits to its policy holders by eliminating all unjustified expenditures and make this Corporation a pride for the public sector enterprises and for its dedicated employees and field staff.
The statement added: "With the benefit of this ex gratia payment, brokers can seek out an alternative insurer of their choice for affected policy holders.
The policy holder must first notify the insurance company about the incident.
The classic and gold packages also insure the policy holder against eIloss by theft or strayingeIU.
The scheme has issued payments to a further 17,000 policy holders since April this year, which has resulted in more than 877,000 of 1 million eligible policyholders receiving payments.
Economic secretary to the Treasury, Andrea Leadsom, commented "I am pleased with the progress the Equitable Life Payment Scheme is making and am proud that the government is tackling the legacy of Equitable Life, helping over 877,000 Equitable Life policy holders with over GBP970m worth of payments."
No Tribunal under the provision of section 12 1 of the Insurance Ordinance of 2000, was constituted till 20-6-2006 when a notification was issued by Law Justice and Human Right Division, in exercise of powers under section 121 of the Insurance Ordinance of 2000, and the Federal Gove rnment constituted Special Tribunals for entertaining and deciding the claims of the policy holders and the respondent/insurance corporation.
"Over the years, it has been our experience that independent insurance agents are an invaluable resource in understanding our policy holders and in delivering the service their clients expect and deserve," he said.
Kamaludin also added that efforts have been put into contacting these policy holders. "We have tried to contact the policy holders, but some of them have not updated their personal information, which makes it is a little difficult for us to get hold of them as they are no longer using the same numbers or addresses," he said.
Addressing how takaful solvency requirements - a concept similar to capital adequacy ratios for banks - are calculated will help to ensure firms match the risks on their books to their future obligations to policy holders, Mr Al Baker said.

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