Policyholder: meaning, definitions and examples
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policyholder
[ ˈpɒlɪsiˌhoʊldər ]
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.
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
Etymology
The term 'policyholder' is derived from the word 'policy,' which originates from the Latin 'politia', meaning 'government,' and the Middle French 'police', referring to public order and safety. The word 'policy' in the context of insurance began to take shape in the 17th century when formalized contracts started to provide coverage for various risks, such as marine ventures. As insurance became more structured and regulated, the term 'holder' was added to signify ownership of the insurance contract. Hence, a policyholder denotes someone who owns a contract that provides specified coverage. The evolution of this term reflects broader developments in the insurance industry, encompassing various types of coverage such as life, health, and property insurance. The importance of the policyholder has expanded with the growth of individual rights and protections under insurance law across different jurisdictions.