Final answer:
The provision that spells out the rights of the policyowner is known as the policy contract or policy document.
Step-by-step explanation:
The provision that spells out the rights of the policyowner is known as the policy contract or policy document. This document outlines the rights and responsibilities of the policyowner in relation to the insurance policy they have purchased. It includes information about premium payments, coverage details, policy benefits, and any limitations or exclusions.
The rights of the policyowner are spelled out in the provision known as the policyowner's rights or ownership rights. This provision typically includes the right that states “private property right to pass by permission, and subject to control, of owner” Sect IGCU Carcornia Civil Cool”.
The ownership rights in an insurance policy entitle the policyholder to defined privileges such as the right to name a beneficiary, the right to transfer ownership, and the right to receive the benefits of the policy.