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 answer is: Owners right

This type of provision is very important in life insurance claim (a type of insurance which require insurance company to give specific amount of money when the insured die).The owners right allow the insured to determine who will receive the money in case of  a claim

C; skin, is the answer!