Which provision gives policyowners who terminate their cash-value life insurance policies a choice in utilizing the cash value?

Dividend options refer to the ways in which policyowners can receive or utilize dividends from their life insurance policies, such as cash payments or premium reductions. However, these options do not pertain to the cash value available upon policy termination and thus do not provide a choice for policyowners in that context.

Settlement options dictate how the death benefit is paid to beneficiaries upon the insured's death, offering choices like lump-sum payments or annuities. These options come into play after a claim is made and are not relevant to policyowners who are terminating their policies and seeking to use the cash value.

Beneficiary designation options involve naming individuals or entities to receive the death benefit from a life insurance policy. While important for determining who benefits after the insured's death, these options are not applicable when a policyowner terminates their policy and seeks to access cash value.