Final answer:
For the payment of accelerated benefits in a life insurance policy, both the insurance company and the policyholder must consent. The beneficiary's consent is not typically required, as these benefits are a living benefit to the policyholder.
Step-by-step explanation:
The party that must consent to the payment of the accelerated benefits in a life insurance policy is typically both the insurance company and the policyholder. The beneficiary is generally not required to consent to the payout of accelerated benefits because these are considered a living benefit payable to the policyholder while they are still alive. It is the insurance company that has to agree to pay out the benefits early, and the policyholder must meet certain conditions specified in the policy to be eligible to receive them. No consent from the state insurance director is necessary.