(1) The company or organization that owns a group insurance contract (called the group policyholder in Canada). The policyholder of a group insurance contract does not have the same ownership rights under the contract that a policyowner has under an individual contract. (2) In Quebec, the owner of an individual life insurance policy (called the policyowner in the United States and the insured in the rest of Canada). Also sometimes called the owner in Quebec. (3) Often used interchangeably with policyowner.----------[ Back
The policyholder is the person in whose name the policy is registered. It may or may not be the same person as the one who stands to benefit from it. For example, one may take out a life policy and although you are the policyholder that policy will eventually be paid out to someone else. Most policies are payable to the policyholder but he or she has the right to make it payable to someone else.
In group insurance, the employer or other type of organization that decides what kind of coverage to purchase for the group, negotiates the terms of the master contract, enters into a group insurance contract with the insurer, and usually administers part or all of the coverage. Contrast with policyowner. See also group insurance.
One who owns an insurance policy. A mortgagee often is issued a copy of an insurance policy or a certificate of insurance, at the request of insured, but he or she is not a policyholder. (Same as policyowner.)