Define: "Third-Party Owner"
A third party owner could be you if your mother bought insurance on your life...
More Examples of Third-Party Owner
"A policy owner who is not the prospective insured. The policy owner and the insured may be, and often, are the same person. If for example, you apply for and are issued an insurance policy on your life, then you are both the policy owner and the insured and may be known as the policy owner-insured. If, however, your mother applies for and is issued a policy on your life, then she is the policy owner and you are the insured
Further details - Third-Party Owner:: Search