The person who has vested privileges of ownership in the policy, such as the right to assign the policy as collateral, receive cash values and dividends, designate a new owner, and change revocable beneficiaries.
The person with proprietary rights in an insurance policy. The term is used in life assurance effected on the life of another to distinguish the owner of the policy from the person on whose life the assurance depends.
The individual or an entity who owns an insurance policy, and who has all contractual rights, subject to any interests conveyed to a collateral assignee or an irrevocable beneficiary. The policy owner is not necessarily the same person as the insured or the payor.
(1) The person who has ownership rights in an insurance policy and who may or may not be either the policyholder or the insured. (2) Often used loosely to refer to the policyholder and/or the insured. See also Insured.