What Is Master Policy Holder

If a borrower has taken a personal loan against a group life insurance policy with nominee being the spouse of the borrower. He had signed a declaration that he authorises the insurance company to pay the outstanding loan balance as provided in his credit account statement which is to be provided by the master policy holder (in this case the non-banking financial institution from where he has availed the loan) in respect of the loan availed by him from the master policy holder by deducting the same from the claim proceeds payable to nominee under that group insurance policy. He further gave his consent and Authorize insurer to pay other proceeds if any to the master policyholder. So who has to claim the insurance money from the insurer, the master policy holder or the nominee.