Contracting Parties
There is a difference between the insured and the policyholder (insured), although the owner of the insured are often the same person. For example, if Joe buys a policy on his life, he is the owner and the insured. But if Jane, his wife buy a policy on the life of Joe, who is the owner and insured. holder of the security policy and he or she is the person who will pay for the policy. Insured is a party...