The person can be called Policy Holder,Insured, Life Assured as the case may be.
The holder is the owner, In the case of Life Insurance , the person paid is the beneficiary .
is it a policy holder?
the person in whose name the policy is issued legally is known as policy holder the person who gains insurance cover is known as beneficiary ,it may be himself or dependents(nominees)
When the policy holder dies, his nominated person gets the proceeds in the form of sum assured plus accumulated bonus, loyalty addition if any from the insurance company where from the policy was bought by the policy holder.
The Policy Holder of a life insurance policy is the executor of the said policy.
No, the person will not be reimbursed for taking someone off their insurance immediately.
Insurance policy holder is who has entered into a contract with the insurance company providing for payment of a sum of money to the person assured, or failing him, to the person entitled to receive the same, on the happening of certain event. In the case of general insurance e.g. Medical insurance, on paying a prescribed premium, the insurance policy holder is protected against any disease/illness with its preconditions upto a pre determined sum insured amount, by the Insurance service provider.
The car owner and the policy holder better be the same person. If not nobody will be able to get the money. You cannot insure a vehicle that you do not own. If you do the insurance company cannot pay the policy holder because they don't own the vehicle. They can't pay the vehicle owner because they don't have a contract of insurance with the insurance company.
In fact, term insurance policies can be called no risk no fault insurance, as no claim is payable during the tenure of the policy and only in the event of death of the policy holder, claim is payable to the nominated person of the policy.