In a life insurance policy, which provision specifies who may select policy options and designate beneficiaries?

The provision that specifies who may select policy options and designate beneficiaries in a life insurance policy is the owner's rights. The owner of the policy—typically the person who purchases the insurance—holds various rights related to the policy, including the authority to change the beneficiary, make adjustments to coverage options, and ultimately control the policy's features.

This provision is fundamental because it delineates the privileges assigned to the policyowner, who may not necessarily be the insured person. Understanding this aspect is critical for recognizing the distinct roles that individuals play in the context of life insurance, particularly when it comes to making important decisions regarding the policy's benefits and terms.

The other roles such as the insured, beneficiary, and agent have specific responsibilities and rights associated with the policy, but they do not encompass the complete range of powers to manage the policy as the owners do. Thus, knowing about the owner's rights enhances comprehension of the policy structure and the dynamics between different parties involved in life insurance.