Who is the person entitled to exercise the rights and privileges in the policy?

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In life insurance, the owner of the policy holds the contractual rights. The policyowner is the person who signs the application and controls how the policy is managed. They can name or change beneficiaries, borrow against any cash value, assign ownership, decide settlement options, and determine premium payments or surrender the policy. The insured is the person whose life is covered and may or may not be the owner. Premium is simply the money paid to keep the policy in force, not a person. Reciprocity isn’t a factor here. So, the person entitled to exercise the rights and privileges in the policy is the policyowner.