Final answer:
The Beneficiary provision within an insurance policy determines who will receive the benefits when a policy event occurs, such as the death of the policyholder in a life insurance policy.
Step-by-step explanation:
The part of the policy that directs the insurer on the recipients of benefits is the Beneficiary provision. This provision specifies who will receive the benefits of the insurance policy upon the occurrence of the event that the policy insures against, such as the death of the insured in the case of a life insurance policy. Other provisions mentioned, like the entire contract provision, consideration provision, and grace period provision, serve different purposes within the policy framework.