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.

PS Network

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