What is the difference between a policyholder and an insured?

The difference between a policyholder and an insured in Washington is important to understand when it comes to insurance regulation law. A policyholder is the person, company, or organization that buys an insurance policy. The policyholder pays the insurance premium and is the beneficiary of the policy. The policyholder also has control over the policy, meaning they get to decide when and how to make claims, as well as when to change the policy or cancel it. An insured is the person, company, or organization that is covered by the policy. This may or may not be the same person or organization as the policyholder. In some cases, the policyholder may insure an entire organization and become the legal representative of the organization, but the benefits of the policy are typically extended to any individuals or entities inside the organization. In short, a policyholder is the person or organization who purchases the insurance policy, and the insured is the person or organization who is protected by the policy. Both are important in terms of insurance regulation law in Washington, as it is important to make sure that the policyholder and insured both understand the terms and implications of the policy.

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What is the difference between a policyholder and an insured?

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