Contract Holder

The "Contract Holder," also known as the "Policyholder," in the context of life insurance and health insurance, refers to the individual or entity that owns the insurance policy. This person or organization has entered into an agreement with the insurer, holding the rights and responsibilities as outlined in the policy. As the contract holder or policyholder, they are responsible for fulfilling the obligations of the policy, which include paying premiums and maintaining the policy's active status. They also have the authority to make significant decisions regarding the policy, such as updating beneficiary information, adjusting coverage levels, or terminating the policy.

In life insurance, the contract holder/policyholder might be the insured individual or another party with an insurable interest in the insured's life, such as a family member or a business. In health insurance, the contract holder/policyholder is typically the individual or the employer who purchases the plan. This role is crucial for ensuring that the insurance coverage is kept in force through timely premium payments and for managing any changes in coverage needs or personal circumstances that may arise.