Century Dictionary and Cyclopedia
- n. One who holds a policy or contract of insurance.
“Manyof the healthiest insurers are policy-holder owned, not stock holder, where profits are pushed back into emergency funds.”
“For example, some policies may say that the policy-holder can choose any doctor, but the fine print gives far more limited choices.”
“When the original policy-holder dies, the entire payout goes to the fund.”
“The primary allegiance of U.S. private health insurers is to shareholders and their profits, not to policy-holder health care access.”
“And denials of claims, as sentient American knows, are endemic in our system, as is the related practice of rescission, whereby insurance companies try to strip policy-holders of their coverage once the policy-holder becomes sick and actually needs coverage.”
“Clearly the question that any policy-holder must ask is: why has this state of affairs been allowed to develop in a publicly listed company which is also supposedly regulated both by the insurance industry regulator and the Financial Services Board?”
“In all cash companies, and in some of the note companies, after the specified number of premiums have been paid, the policy-holder draws an annual dividend in cash.”
“In mutual (cash) companies, when the premium has been paid in full for about sixteen years, judging from past experience, the policy-holder may expect that his annual dividend on policy and additions will exceed the annual premium, thus obviating the necessity of further payments to the company, while his policy annually increases in amount for the remainder of life.”
“But, on the contrary, when the dividends have been anticipated, as in the note system, by giving a note for part of the premium, the policy-holder insuring in this way, although he may at first receive a larger policy than he has the ability to pay for in cash, may lose the chief benefit of life insurance.”
“A further advantage arising from this plan is, that the policy-holder, at any time after two annual payments have been made, is always entitled to a "paid-up" policy for as many "fifths" or "tenths" of the sum assured as he shall have paid annual premiums.”
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