What term describes the policy owner's rights to change beneficiaries and receive proceeds of a policy?

The term that describes the policy owner's rights to change beneficiaries and receive proceeds of a policy is "Owner's rights." This concept encompasses the various privileges held by the policy owner, including the ability to designate or alter beneficiaries, access cash values, and ultimately receive the payout from the policy under specified conditions.

In the context of insurance policies, the owner's rights are distinct from the rights of the insured or beneficiaries. While the insured is the individual whose life is covered by the policy, it is the policy owner who holds the authority to make significant changes regarding the policy. For instance, a policy owner can shift the beneficiary designation to ensure that the proceeds are directed to the desired recipient. Additionally, they may also have the right to access accumulated cash values or dividends, depending on the type of policy.

Understanding these owner rights is crucial for anyone involved in life insurance or annuity agreements, as it establishes who has control over the policy and its benefits.