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Life Insurance Glossary: Terms To Know

The Owner

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The owner of a life insurance policy is the person who purchases a life insurance policy.

The owner:

  • Has the right to name the beneficiary,
  • Is the person who can deal with the insurer about the policy in all respects, including requesting an accelerated death benefit .
  • Has the right to cancel the policy.

The owner and insured are usually the same person when it comes to individual life insurance, but they don't have to be.

In a group policy, the group (such as employer) is the owner of the policy -- even though the insured gets the right to name the beneficiary.

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