What does the term policy owner refer to?

The term policy owner refers to the individual who holds the rights associated with an insurance policy, which includes the authority to make changes to the policy itself. This can encompass various actions such as altering coverage, assigning the policy to another person, or even deciding on beneficiary designations. The policy owner has legal control over the policy, ensuring their ability to manage its terms and conditions as needed throughout the life of the policy.

The other options identify roles that do not have the same level of control or ownership rights. For instance, the person receiving the death benefit is typically a beneficiary, who may have rights to the proceeds after the insured event occurs, but they do not have the authority to manage the policy. The insurance company is the entity providing the coverage and is not the owner of the policy. Lastly, the agent selling the policy acts as an intermediary and facilitator but does not own the policy itself. Thus, the correct understanding of who the policy owner is reinforces the concept of ownership and control within an insurance contract.