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Longman Dictionary of Contemporary English
policyholder
noun
EXAMPLES FROM CORPUS
▪ According to the documents, the three policyholders who sued State Mutual over the demutualization collectively received $ 225, 000.
▪ But why, policyholders may well ask, should they give up a 40 percent stake in the business?
▪ For example, valuing the future payments due to pension scheme members or to policyholders would both fall into this category.
▪ Its recent troubles stem from a legal defeat last July in a suit brought by its own policyholders.
▪ One question policyholders should ask is - if the company did underperform last year, has this limited its options?
▪ The Trinity insurance group, now in liquidation, has written to policyholders warning they are now without cover.
Wiktionary
policyholder

n. A person who holds an insurance policy, especially the person whose life is insured

WordNet
policyholder

n. an insured person; the client in whose name an insurance policy is written