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 ?
In this case, the policyholder and lender will both be required to sign the advance payment check.
A majority of courts have agreed that an insurer may not recover in subrogation unless the policyholder is fully compensated for its losses.
Otherwise, a policyholder may find the insurance company arguing that the assets are not necessarily collateralizing the relationship but instead may be drawn upon by the insurance company for any reason and in any sequence (i.
Because insurers with superior information offer contracts, insurers can selectively offer a contract to each policyholder.
The move will enable policyholders to benefit from any increase in the inherited estate's value, but the reattribution offer will not go ahead if it falls below pounds 1.
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.
This section says that the term policyholder dividend means any dividend or similar distribution to policyholders in their capacity as such also must be satisfied.
1991), vapors were released by the material (styrene monomer resin) with which the policyholder resurfaced the floor of a Perdue chicken processing facility.