Which of the following is NOT among the rights of the Life Insurance Policyowner?

Policyowners hold the right to assign or transfer their life insurance policy to another individual or entity. This transfer can occur through an absolute assignment, which fully transfers ownership, or a collateral assignment, which temporarily assigns the policy as collateral for a loan. Therefore, this option is indeed a right of the policyowner.

Many life insurance policies accumulate cash value over time, allowing policyowners the option to borrow against that cash value. This borrowing is a fundamental right that policyowners possess, enabling them to access funds while keeping the policy in force. Thus, this choice accurately reflects a right of the policyowner.

Policyowners have the right to select a beneficiary for their life insurance policy and can also change that beneficiary at any time, unless the beneficiary designation is irrevocable. This flexibility is a key feature of life insurance policies, affirming that this choice is indeed a right of the policyowner.