Final answer:
A policy owner holds the ownership rights of an insurance policy, can make changes to it, and is responsible for paying premiums.
Step-by-step explanation:
The policy owner is the individual or entity that holds the ownership rights over an insurance policy. This means they have the legal rights to make changes to the policy, such as designating or changing the beneficiary, and are also responsible for paying the premiums. The policy owner can be different from the insured person, which means the person covered by the insurance policy may not necessarily be the one with ownership rights.