What rights does an owner have under the Ownership Provision?

The Ownership Provision grants specific rights to the policy owner, which include control over essential aspects of the life insurance policy. This means that the owner can manage the cash values accumulated within the policy, take out loans against the policy's value, and designate or change beneficiaries as they see fit. This level of control is fundamental to the function of the policy, as the owner essentially holds the rights to make significant decisions that affect both the policy's financial components and the individuals who will receive benefits under the policy.

The other options don't accurately reflect the rights given under the Ownership Provision. For instance, policy cancellation could result in specific financial implications, contrary to the notion of canceling "without loss." The ability to change the insurance company isn't typically included in the ownership rights, as policies are binding with the issuing insurer unless certain conditions are met, such as policy exchanges. Furthermore, the option concerning loans against the policy is incorrect as ownership rights actually allow for loans against the cash value, rather than prohibiting them. Thus, option B rightly encapsulates the essence of the rights granted to the owner under the Ownership Provision.