Which of the following correctly describes the role of a policy owner?

The role of a policy owner is best described as the individual who usually applies for the insurance coverage. The policy owner is the person who has the contractual rights regarding the insurance policy. This includes the authority to make changes to the policy, such as naming beneficiaries, altering coverage, and deciding on premium payment.

While the policy owner is typically the applicant and may also be the insured individual, it is primarily defined by their role in initiating the policy and managing its terms. In many cases, the policy owner will also be responsible for premium payments and having the ability to access policy details.

The other options describe different aspects related to insurance but do not capture the primary responsibilities and rights of the policy owner. For example, the entity that provides insurance coverage refers to the insurance company, while the representative for the insured typically refers to an agent or broker acting on behalf of the insured, rather than the individual holding the policy rights. Claiming benefits relates to the insured rather than the policy owner directly, as it may involve a separate individual in different policy scenarios. Thus, option C accurately reflects the primary role of the policy owner in the context of insurance.