The policyholder is a legal entity or a capable individual who has concluded an insurance contract with the insurer or is the policyholder by force of law .
Article 5. Policyholders
1. Policyholders shall be recognized as legal entities and competent individuals who have concluded insurance contracts with insurers or who are policyholders by force of law.
Insurers can enter into insurance contracts with third parties for insured parties ( insured persons ), but in some countries (for example, Russia) only with the consent of these third parties, except as otherwise provided by law. Insured persons may acquire the rights and obligations of the insured in accordance with the insurance contract [1] .
When concluding personal insurance contracts, insurers have the right to appoint, with the consent of the insured person, citizens or legal entities ( beneficiary ) to receive insurance payments , as well as replace them when an insured event occurs , if this is provided for by law and / or insurance contract .
Insurers have the right, when concluding insurance contracts other than personal insurance contracts, to appoint citizens or legal entities (beneficiaries) who may suffer losses as a result of an insured event, to receive insurance compensation, and also replace them by the insured event, unless otherwise prescribed by law.