In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy?

The provision is called Owner's Rights, the policy owner maintains all the rights, privileges and benefits of the insurance policy.  This includes appointing a beneficiary, naming a beneficiary, transfer of ownership, choosing mode of payment, transfer of ownership and be the recipient of all the financial benefits of the insurance policy.