Who is referred to as the "owner" of an insurance policy?

The term "owner" of an insurance policy refers to the individual who has the authority to control the various aspects of the policy. This includes the ability to make decisions regarding premium payments, the selection of beneficiaries, and potentially changing the terms of the policy, as well as the right to surrender or cancel it. In essence, the owner possesses all rights associated with the policy and is responsible for its management.

While the person who pays the premium can often be the owner, it is not a requirement. For instance, a parent might pay the premiums on a life insurance policy taken out on a child, making the parent the owner even though the child is the insured. The beneficiary, on the other hand, is the individual or entity designated to receive the benefits from the policy upon the insured's death, but they do not manage the policy itself. Similarly, the role of the insurance agent is to facilitate the purchase and provide guidance regarding the policy, but they do not possess ownership or control over the policy itself. This distinction is crucial for understanding the roles and responsibilities associated with insurance policies.