What is the difference between a policyholder and an insured?

The difference between a policyholder and an insured in Hawaii insurance claims law is that the policyholder is the person who has taken out the insurance policy, meaning they are responsible for paying the premiums; whereas the insured is the person or entity that is the beneficiary of the insurance policy, meaning they are the one who receives the benefit of the policy in the event of a claim. The policyholder is the one who sets up the insurance policy and pays for the coverage. They are the person/entity that chooses the coverage amount, deductible, and other important details. The policyholder can be an individual, business, or other entity that signs the policy and pays the premiums. The insured person/entity is the one who is protected under the policy in case of a claim. They are the person/entity who will receive the benefits of the insurance policy if they suffer a loss or something bad happens. In Hawaii insurance claims law, the insured may be an individual or a business, such as a corporation or partnership. In summary, the policyholder is the person/entity that purchases the policy and pays the premiums, while the insured is the person/entity that is protected and receives the benefit of the policy if a claim is made.

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