- The entity that has ownership of a policy or settlement contract. A financing entity can include a placement agent, a lender, an underwriter, or any other type of entity.
insurance contract holder, policy holder, insurance policy holder
Related Terms and Acronyms
- Contract Holder — Definition,
- The entity that holds the rights to a obligation or debt.
- Insurable Interest — Definition,
- Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
- Insurance Policy — Definition,
- A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
- Loss Payee — Definition,
- An entity that is legally entitled to the benefits of an insurance claim.
- Spin-Life — Definition,
- A financial industry that specializes in buying life insurance policies from individuals or convincing individuals to take out new life insurance policies with an investor as a beneficiary.
- Stranger Originated Life Insurance (STOLI) — Acronym,
➥ Illegal in many Canadian provinces.
- A life insurance policy purchased by someone without any insurable interests with the insured person.
- Viatical Settlement — Definition,
- A contract where an individual agrees to sell his or her life insurance policy to a third party before their death.
- Viator — Definition,
- A person who agrees to sell his or her life insurance policy to a third party.