What defines a "policyholder" in insurance?

A "policyholder" in insurance is defined as a person who owns an insurance policy. This means that the policyholder is the individual or entity that has entered into a contract with an insurance company to receive coverage for specific risks in exchange for premium payments. Being the owner of the policy gives the policyholder the rights and responsibilities associated with that insurance contract, including the ability to make changes to the policy, file claims, and receive benefits as prescribed in the policy terms.

While the other options mention aspects related to insurance, they do not encapsulate the true essence of what a policyholder is. For instance, the individual who files a claim may or may not be the actual policyholder; sometimes, beneficiaries may file claims. Similarly, someone who pays the premiums may represent the policyholder, but they are not always the same person. Financial institutions that issue insurance are separate entities altogether and do not fall under the definition of a policyholder, which specifically pertains to individuals or organizations that purchase and hold insurance coverage.