The Insured Person is the person whose life is covered by the life insurance policy.
When the Insured dies, the Death Benefit is paid out to the Beneficiary of the policy.
The Owner of the insurance policy is the person who owns and controls the policy.
The Insured is the person whose life is of concern to the policyholder – when this person dies, the benefit (proceeds of the life insurance) will be paid out.
The policyholder, who may or may not be the person whose life is insured, is also called the owner of the policy.
This person bears the responsibilities of maintaining the policy and choosing its parameters, including the amount of the death benefit designated for each recipient upon the death of the insured.