What is the second party to an insurance contract typically referred to as?

In an insurance contract, the second party is typically referred to as the policyholder. The policyholder is the individual or entity who purchases the insurance policy and holds the rights and obligations as outlined in the policy. This party pays the premium and is entitled to the benefits of the policy, such as coverage for funeral and burial expenses in the context of life insurance.

The term "insurer" refers to the party that provides the insurance coverage, generally a company or organization that agrees to pay for certain losses or expenses as stipulated in the contract. The "agent" is an individual who represents the insurer and assists in selling the policy. An "underwriter" is a professional who assesses the risks associated with insuring a policyholder and determines the appropriate premiums and coverage. Understanding these roles clarifies why the policyholder is appropriately identified as the second party in the insurance agreement.