POLICYHOLDER Meaning and
Definition
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A policyholder refers to an individual or entity that owns an insurance policy. In the realm of insurance, a policyholder is the person who enters into a contractual agreement with an insurance company, often referred to as the insurer. This contractual agreement details the terms, conditions, and coverage provided by the insurance policy to the policyholder in exchange for regular premium payments.
As a policyholder, an individual or entity has the right to access the benefits and services outlined in the insurance policy. These benefits may include financial protection, compensation for damages or losses, and coverage for specific risks or events. The policyholder also has certain responsibilities, such as paying premiums on time and adhering to the obligations and conditions outlined in the policy.
The term "policyholder" is commonly used in various types of insurance, including health insurance, life insurance, auto insurance, and property insurance. It can refer to an individual who purchases insurance for themselves or on behalf of others, such as a parent buying a health insurance policy for their child. It can also apply to businesses, organizations, or government entities that obtain insurance coverage to protect against various risks.
Overall, a policyholder is the owner and participant in an insurance contract, entitled to the benefits and protection provided by the policy while fulfilling their responsibilities as outlined in the agreement.
Top Common Misspellings for POLICYHOLDER *
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Other Common Misspellings for POLICYHOLDER
Etymology of POLICYHOLDER
The word "policyholder" is derived from two separate words— "policy" and "holder".
The term "policy" originated in the late 16th century and comes from the French word "police", which means "official document" or "contract". It can be traced back to the Latin word "politia", meaning "the art of government" or "civil administration".
The word "holder" is derived from the Old English word "haltian", which means "to hold" or "to grasp". Therefore, "holder" refers to someone who possesses or has control over something.
Combining these two words, "policyholder" refers to an individual or entity that holds or possesses an insurance policy—an official contract between the insurance company and the insured person or organization.
