An insurance contract is concluded between the → Insurer and the policyholder. The policyholder must provide the required → Insurance cover at the → Insurer proposed. Following approval by the → Insurer the contract is concluded. Policyholders may be either natural or legal persons. The policyholder does not necessarily have to be the insured person (e.g. in the case of private health insurance or private life insurance).

Source reference: See the VDT publication “VDT Article Series, Part 5 | Glossary“ and the source cited there.