In life and health insurance, the person designated as the owner of the policy, with all rights contained in the policy. The owner is so designated on the policy application and may or may not be the insured. Also referred to as the policyowner or policyholder. With respect to Keogh or HR 10 plans, a self-employed person who is a sole proprietor or who owns more than a 10 percent interest in a partnership. A policy in which all rights are vested in a corporation or person other than the insured.
Business insurance is a common type of ownership insurance.
A provision stating that the policy may be owned by a person other than the insured. This is frequently applicable to business life insurance, or to juvenile life insurance during the insured's early years. In life insurance, a rider attached to a juvenile policy in which the insured is not the owner that waives future premiums upon the death of the owner or during a period of total disability of the owner prior to a specific age of the insured child, e.g., 21.