What best describes the owner of a life insurance policy?

The owner of a life insurance policy is best described as the individual who pays premiums and holds ownership rights. This person has the authority to make decisions regarding the policy, such as changing beneficiaries, adjusting coverage, or cashing out the policy if it's a permanent type. This ownership implies that they are responsible for the financial obligations attached to the policy, including timely premium payments.

In contrast, the other descriptions focus on different roles within the context of a life insurance policy. The beneficiary named in the policy is the person or entity designated to receive the death benefit upon the policyholder's passing, while the individual or organization receiving policy payouts does not necessarily have ownership rights to the policy itself. Lastly, an insurance company representative is an employee of the insurer who may assist with sales or customer service but does not have any ownership stakes in the policy.