Define: "Policy Owner"
The "policy owner" is the individual who owns an insurance policy and who has all contractual rights related to the insurance policy. The policy owner may or may not be the same person as the insured, payor or beneficiary.
Also the specific person who is responsible for maintaining the accuracy and completeness of policy information. This person will be asked periodically to confirm that the current information is up to date. There may be co-owners of policy and procedures. The policy owner may be the same person as the Responsible Officer.
More Examples of Policy Owner:
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.
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