Policyholder


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Policyholder

An individual who owns an insurance policy.

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.
References in periodicals archive ?
Because insurers with superior information offer contracts, insurers can selectively offer a contract to each policyholder.
With whole life, policyholders don't direct where the money goes; the insurer chooses the stock investments.
The insurance company has some obligations and rights of its own under the dispute resolution agreement such as the obligation to respond to notices of dispute within 10 days, and the right to elect binding arbitration to resolve any claims it may have against the policyholder for non-payment of an invoice that is not otherwise subject to dispute.
First, part of the difficulty in forming a captive is establishing a large enough critical mass of policyholders with good loss and exposure data to establish actuarial confidence in the paredictability of outcomes for claims.
With respect to claims-handling concerns, there is simply not enough experience with this type of coverage to form an opinion as to what type of problems, if any, policyholders will face when a claim is submitted.
We are hopeful that Mercer's management will respect the wishes of its policyholders and open negotiations to bring our two companies together," Mr.
Thus, because the distributions did not possess the essential characteristics of a "dividend," they were not policyholder dividends.
If you are a CIGNA policyholder, demand that risks you have paid the company to accept not be transferred to some runoff operation.
This Plan is a way to divert value from policyholders to Ambac's shareholder, turning insurance law priorities on their head and possibly jeopardizing the solvency of even the General Account, according to the Group.
I'm not sure the settlement amount for the number of policyholders is sufficient," says Cochran.
Then, after extensive analysis and evaluation of strategic alternatives and a review of the interests of policyholders, the board adopted a demutualization plan on Sept.