If the policyholder is also the insured, then the policy proceeds, assuming the policy is in force at the time of death, are paid according to the designated beneficiary(ies), and the life insurance contract ceases to exist.
If the policyholder (owner) is not the insured, then the policy ownership would flow according to the owner's will. The policyholder would state in his/her will who would receive ownership of the life insurance policy upon the death of the policyholder. of the life insurance policy.
If the policyholder (owner) is not the insured, then the policy ownership would flow according to the owner's will. The policyholder would state in his/her will who would receive ownership of the life insurance policy upon the death of the policyholder. of the life insurance policy.
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