Policyowner
The policyowner can also be called
- the policyholder or policy holder
- the contract holder (e.g., for segregated funds)
- the insured
- the applicant
The policyowner
- buys the insurance contract from the insurer
- pays the premiums
The policyowner can be different from the life insured. For example, a company may buy insurance on a key employee.
During the underwriting process, the policyowner must demonstrate an ability to pay the premiums.
page revision: 3, last edited: 27 Jul 2007 23:27