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Policy year

UK: 1. The period between inception or renewal date and expiry of an annual policy. 2. A term used for certain loss statistics, it relates to the calendar year or accounting year in which the commencement date of the policy falls and may include policies issued for varying periods of time.
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Period between a Policy’s anniversary dates.
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The 12-month period between the policy’s anniversary dates.
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REINSURANCE: The year commending with the effective date of the reinsurance policy or with an anniversary of that date.
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MEDICAL,USA: Twelve-month period between an insurance policy’s anniversaries.
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Unique to the insurance business, this is a means of cost accumulation in which the aggregate transactions of all policies becoming effective in a given year determine the financial performance of those policies.

Policy year experience

A way of measuring the premiums earned and losses experienced in the 12 months of a policy term.
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Experience on business during the twelve months period from the effective date of the Policy which became effective during a given year irrespective of when the transactions (payment of premium or loss payment) may have actually taken place.
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MEDICAL,USA: Twelve-month loss on an insurance policy or line of business.

Policyholder

A term used interchangeably with the terms policy owner or insured. The person insured by a policy.
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US: Person in actual possession of insurance policy; policy owner.
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Person or other entity who has ownership rights under an Insurance Policy and who may or may not be the insured.
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REFERENCE: See: Insured.
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US: The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation. A person who pays a premium to an insurance company in exchange for the insurance protection provided by a policy of insurance.
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UK: The person, otherwise called the insured, in whose name the policy is issued.

Policyholder self-administration

Type of self-management in which a group policyholder maintains the records and is responsible for the insureds covered under the insurance plan. They prepare the premium statements and submit them with the checks to the insurance company for each payment. The insurance company may audit the policyholder’s records. Also called self-administration.