Life · Chapter 5 · Standard Provisions
Owner's Provision (Ownership Rights)
Definition
The policy owner holds ALL rights: name/change the beneficiary, borrow cash value, set premium mode, assign the policy, choose dividend and settlement options, convert or renew term.
Exam tip
Only the policy owner and the insurer are parties to the contract — not the insured (if different) or the beneficiary.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms