The owner of a life insurance policy is the one who pays the premiums on the policy.
The insured is the one who's life is insured, and if the insured person dies, the death benefit on the life insurance policy is paid out to the beneficiary.
The owner can be the insured, or the owner and the insured can be two different people.
Sometimes, a person takes out life insurance on a family member; such as an adult child buying life insurance on his or her parent, so the death benefit can be used by the owner of the policy to pay for the insured's funeral and burial costs, for example.
Here's how you can learn more about important life insurance terms to help you better understand how life insurance works.