What term is used for the individual who holds the insurance policy?

The individual who holds the insurance policy is referred to as the policy owner. This term designates the person who has the rights associated with the policy, such as the ability to make changes to it, designate beneficiaries, and receive benefits. The policy owner is responsible for paying premiums and has the authority to manage the policy throughout its duration.

In the context of insurance, the policy owner may or may not be the insured, meaning the person covered by the policy. The insured is the individual whose life or property is protected under the policy. An irrevocable beneficiary is a person designated to receive benefits from the policy but cannot be changed without their consent. The agent is the individual who sells or manages the insurance policy on behalf of the insurance company but does not hold ownership of the policy. Therefore, the term that accurately captures the holder of the insurance policy is the policy owner.