In property and casualty insurance, who typically holds the personal contract?

In property and casualty insurance, the personal contract is typically held by the individual policy owner. This is because the policy owner is the person who has initiated the insurance policy and agreed to its terms, making them the legal party to the contract. They have the authority to make decisions regarding the policy, such as modifying coverage, renewing the policy, or filing claims.

The insurance agent acts as an intermediary and facilitates the sale and management of insurance policies but does not hold the contract themselves; they represent either the insurance company or the policy owner. The insurance company, while it issues the policy, is the one providing the coverage rather than holding the contract in a personal sense. The underwriter is involved in the risk assessment process and determines the terms and pricing of the policy but does not hold any contractual responsibility in relation to the policy owner. Therefore, the individual policy owner is the correct answer, as they are the party who holds the rights and responsibilities laid out in the insurance contract.