What term refers to the individual who has the right to make changes to a life insurance policy?

The term that refers to the individual who has the right to make changes to a life insurance policy is "Policyowner." The policyowner is the person who purchases the policy and holds legal rights over it, including the ability to make modifications such as changing the beneficiary, adjusting coverage amounts, or even surrendering the policy.

In the context of life insurance, the insured is the individual whose life is covered by the insurance policy but does not have the authority to make changes to the policy itself. The beneficiary is the person or entity designated to receive the death benefit upon the insured's passing; they do not have control over the policy terms. An underwriter is a professional who assesses risk and determines the terms of the insurance policy but does not possess rights related to making changes to existing policies. Thus, the policyowner conceptually embodies the control and decision-making power regarding the life insurance contract.