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The definitions contained herein are for general information only and are not designed for use in connection with the interpretation of any insurance policy or annuity policy issued through Insurance Answer Center.
Life Insurance Glossary Terms  4 A B C D E F G H I J K L M N O P Q R S T U V W Y

Owner

The person who has the ownership rights under the policy. The owner pays the premiums and receives all the benefits prior to the death of the insured. The owner names the beneficiary and can change the beneficiary (unless irrevocable) prior to the death of the insured. The owner is usually, but not always the insured. For example, a parent may purchase a policy on a child. Also for estate tax purposes, the owner may be the insured's spouse or children. Another situation is where a company owns a policy on a key employee. See also Policyholder or Policyowner.

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