Who has the authority to change the beneficiary of a life insurance policy?

The authority to change the beneficiary of a life insurance policy typically lies with the policy owner. The policy owner is the individual or entity that has the rights to make decisions regarding the policy, which includes the ability to name or change beneficiaries. This right is fundamental to the control the policy owner has over the insurance policy and its provisions.

The insured refers to the person whose life is covered by the insurance policy, but they may not necessarily hold the rights to make changes to the policy unless they are also the policy owner. The claimant is generally the person who makes a claim to receive benefits from the policy upon the insured's death, but they do not hold the authority to change policy details. The insurance company may process changes to the beneficiary but must act according to the instructions of the policy owner; they do not initiate such changes on their own. This structure ensures that the policy owner retains control over the distribution of benefits as they see fit.