An insurance contract is concluded between the → Insurer and the policyholder. The policyholder must specify in advance the desired → Insurance cover at the → Insurer applied for. After acceptance by the → Insurer the contract is concluded. Policyholders can be natural persons or legal entities. 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 VDT publication "VDT article series part 5 l Glossary" and the source indicated there.