Glossary
Policyholder
A policyholder is the person or organisation that owns a life insurance policy, pays the premiums and has the right to change or cancel it.
Policyholder explained
The policyholder is the customer of record. They sign the application, are responsible for paying the premiums, and can ask the insurer to make changes such as updating beneficiaries or the payment method.
The policyholder is not always the person whose life is insured. For example, an employer can be the policyholder of a group life scheme that covers its staff, or a parent can hold a policy on a child's education plan. Where an individual buys cover on their own life, the policyholder and the life assured are the same person.
Why it matters in life insurance
Life insurers in Zambia need accurate policyholder records, including national registration card (NRC) details, contact numbers and beneficiaries, to service policies, send reminders and pay claims to the right person. In Ontech LifeI ERP the policyholder record links every policy, payment, claim and message for that client in one place.