If Chris names ABC Company as the beneficiary of a life insurance policy on Lee's life, who is the owner of the policy?

In this scenario, Chris is considered the owner of the life insurance policy because ownership of a life insurance policy is determined by who has the rights to control the policy and the ability to make changes to it, including the ability to name beneficiaries. Even though Chris has named ABC Company as the beneficiary, it does not transfer ownership of the policy to that entity; rather, it indicates who will receive the death benefit upon the insured's death.

The owner of the policy retains rights such as the ability to change the beneficiary, cancel the policy, or take loans against the cash value of the policy (if applicable). Since Chris is the one who has taken these steps and has the authority over the policy, this makes them the policy owner, irrespective of the beneficiary designation.

This understanding is crucial in the context of funeral prearrangement, as it emphasizes the importance of the policy owner's decisions in planning for future arrangements.