What can a policy owner do regarding their insurance policy?

The correct option highlights the various rights and privileges a policy owner has concerning their insurance policy. A policy owner typically has the ability to change beneficiaries, which allows them to designate who will receive the death benefit in the event of their passing. Additionally, canceling the policy gives the owner the option to terminate coverage when they no longer need it. Requesting a loan against the policy's cash value is also a common practice, enabling policy owners to access funds without surrendering their coverage.

The flexibility to manage these aspects of the policy is essential for the policy owner, as it ensures they can adapt their insurance arrangements to better meet their changing personal and financial circumstances. This level of control is fundamentally important in the context of insurance, particularly with funeral and burial policies, where the owner may want to ensure that their final wishes are honored and that funds are allocated appropriately.