Policyholder: meaning, definitions and examples
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policyholder
[ˈpɒlɪsiˌhoʊldər ]
Definition
insurance context
A policyholder is an individual or entity that owns an insurance policy. They are the one who pays the premium for the insurance coverage provided by the insurance company. The policyholder has the right to file claims and receive benefits as stipulated in the insurance contract. The role of a policyholder is critical as they are responsible for ensuring that the policy remains in force by fulfilling payment obligations. Additionally, they may also have the authority to make changes to the policy, such as updating beneficiaries or coverage levels.
Synonyms
insured, policy owner, subscriber.
Examples of usage
- As a policyholder, you must report any changes in your circumstances.
- The policyholder received a payout after filing a claim for damages.
- If you are the policyholder, you can switch providers.
- The rights of the policyholder are protected by state laws.
Interesting Facts
Etymology
- The word 'policy' comes from the French 'police', referring to public order, moving towards the idea of regulations and agreements.
- The term 'holder' is derived from the Old English 'halder', meaning to keep or possess something.
- Together, the words reflect the idea of someone who possesses a security agreement.
History of Insurance
- The concept of insurance dates back to ancient civilizations, with recorded systems seen in Babylonian and Chinese societies.
- In medieval Europe, insurance began to take shape as merchant guilds pooled resources to protect against piracy and cargo loss.
- Modern insurance, including terms like 'policyholder', solidified in the 17th century with the establishment of companies dedicated to providing risk cover.
Legal Aspects
- A policyholder has legal rights under the terms of the insurance contract, including the right to file a claim.
- The relationship is governed by principles such as utmost good faith, requiring honesty from both parties.
- In many jurisdictions, policyholders are entitled to specific protections and disclosure of terms by their insurance providers.
Types of Insurance
- Policyholders can hold various types of insurance, including health, auto, home, and life insurance, each tailored to specific needs.
- Life insurance policyholders often choose beneficiaries who receive payments in the event of their death, adding a layer of financial security for loved ones.
- In health insurance, policyholders can access services from doctors and hospitals, which helps cover medical costs.
Cultural Influence
- The role of policyholders is often highlighted in discussions about social welfare systems, promoting security and risk management.
- Media frequently portrays policyholders in stories of recovery, showing their reliance on insurance in times of disaster.
- In popular culture, elements of being a policyholder are depicted through characters navigating challenges, emphasizing the importance of having protection.
Translations
Translations of the word "policyholder" in other languages:
🇵🇹 tomador de seguro
🇮🇳 बीमा धारक
🇩🇪 Versicherungsnehmer
🇮🇩 pemegang polis
🇺🇦 страхувальник
🇵🇱 ubezpieczający
🇯🇵 保険契約者
🇫🇷 souscripteur
🇪🇸 tomador de seguro
🇹🇷 sigortalı
🇰🇷 보험계약자
🇸🇦 حامل الوثيقة
🇨🇿 pojistník
🇸🇰 poistník
🇨🇳 投保人
🇸🇮 zavarovalec
🇮🇸 vátryggingartakandi
🇰🇿 сақтандырушы
🇬🇪 დაზღვევილი
🇦🇿 sığortaçı
🇲🇽 tomador de seguro