Which of the following is NOT a right of the policyowner?

The correct response identifies that submitting regulatory complaints is not a right of the policyowner in the context of life insurance policies. Policyowners typically hold specific rights that relate directly to the management and benefits associated with their insurance policies. These rights include changing beneficiaries, receiving living benefits, and assigning the policy to another individual or party.

When examining the rights of a policyowner, changing the beneficiary allows the policyowner to influence who will receive the death benefit in the event of their passing. Receiving living benefits entails access to funds while the policyholder is still alive, often in situations such as terminal illness. Assigning the policy grants the policyowner the ability to transfer ownership rights to another party, which can be a significant financial tool.

Submitting complaints to regulatory agencies, however, is not a direct right tied to the operational aspects of the policy itself. While policyowners can certainly express grievances and seek resolution through regulatory bodies, this action does not fall under the rights normally granted to them regarding their policy management. This distinction highlights the specific rights policyowners have concerning the administration of their life insurance coverage.