What is the difference between a policyholder and an insured?

The terms policyholder and insured are used to describe two different roles in insurance regulation law in Idaho. A policyholder is an individual or organization that owns an insurance policy. They are responsible for paying the premiums on time, making any changes to the policy, and filing any claims. An insured is a person or organization that is covered by an insurance policy. This could be the policyholder or another individual or organization listed on the policy. The policyholder is the one that the insurance company contracts with when setting up the policy. They are responsible for ensuring that the premiums are paid on time and any changes to the policy are made. They are also responsible for filing any claims when necessary. The insured is the person or organization that is covered by the policy. This could be the policyholder themselves, or it could be someone else listed on the policy. They can be covered for specific events, such as being injured in an accident. The insured will be eligible to receive compensation from the insurance company if they make a claim and it is approved. In summary, the policyholder is the one that the insurance company contracts with to purchase the policy, and the insured is the person or organization that is covered by the policy. Both the policyholder and the insured have specific duties and obligations under insurance regulation law in Idaho.

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