Skip to Content

NY.gov Portal State Agency Listing

Translate | Disclaimer

Homeowners & Tenants Insurance: What You Need to Know

Definitions

In this Guide, the terms “policyholder” and “insured” refer to persons who have rights and may be entitled to benefits under an insurance policy. A “policyholder” or “named insured” is the person (or persons) whose name appears on the policy. An insured is a person entitled to benefits under the terms of the policy. Often, an insured is any relative or dependent person in your care that is a resident of your household.

The Voluntary Market

Insurance companies, in what is known as the "voluntary" insurance market, compete for your insurance business on the basis of price, quality and service in the same way that most businesses compete. They try to make you aware of their products using various marketing methods, such as the telephone, mail, radio and television advertising, and Internet advertising and websites.