Who has the authority to make changes to an insurance policy?

The policyholder holds the authority to make changes to an insurance policy. The policyholder is the individual or entity that owns the policy and has the rights to request amendments, such as updating coverage limits, changing beneficiaries, or making adjustments to the terms of the policy.

While the insurer has the ultimate authority over the policy's framework and must approve any significant changes initiated by the policyholder, the decision to make those changes rests with the policyholder. The broker acts as an intermediary and can facilitate the change process but does not have the rights to alter the policy on behalf of the policyholder unless expressly given that authority. The beneficiary, on the other hand, is primarily entitled to benefits from the policy in the event of a claim, rather than having any authority to make changes to the policy itself. Thus, recognizing the policyholder's unique position in controlling and managing the terms of their insurance policy is crucial.