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.

Related FAQs

How is an insurance claim payout determined?
What documents do I need to submit with an insurance claim?
Can an insurance company deny a claim?
What is a no-fault claim?
What happens if an insurance company fails to act in good faith?
What is a retroactive date in an insurance policy?
What is the difference between a claim and an appeal?
What is a statutory limit in an insurance policy?
What are the consequences of making a false statement on an insurance claim?
What is the difference between a claim and a complaint?

What is the difference between a policyholder and an insured?

Related FAQs

Related Blog Posts