what are the contractual rights that the owner of a time insurance policy may exercise?

Answers:
I guess you don't want to read the life policy. Thats ok, most family don't like to read it any. So I'll help you sum it up:

1) You may surrender the policy anytime
2) You may amendment or add the beneficiary anytime (unless it is irrevocable)
3) You may amendment the coverage amount that fits your needs.
4) If at hand is a savings or cash-value contained by the policy, you may BORROW it anytime and MUST PAY BACK with INTEREST. If you agree on to surrender your policy to get the lolly value, here may be a surrender charge.

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Other Answers:
Pretty much anything they want. Cancel it, change beneficiaries etc...

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And remember...The owner of the policy is not necessarily the person that is to say insured.

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