Question

In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy?

Answer 1

The provision is called Owner's Rights, the policy owner maintains all the rights, privileges and benefits of the insurance policy.  This includes appointing a beneficiary, naming a beneficiary, transfer of ownership, choosing mode of payment, transfer of ownership and be the recipient of all the financial benefits of the insurance policy.