Policy Owner

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DEFINITION OF POLICY OWNER:

"Policy Owner - The person who contracts with an insurance company for a life insurance policy. The owner of the policy has the right to designate beneficiaries. Ordinarily you are the owner of the policy on your own life, but you might also be the owner of policies on the lives of your children. You can sell the ownership to a stranger, who could then make himself the beneficiary of your policy (see viatical settlement)."

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