Policy Owner - is the person who owns the policy. This is the only person who can make changes to the policy. Those changes could include cancelling the policy, withdrawing benefits, increasing the coverage amount, adding or removing beneficiaries, ect. The policy owner can even assign the policy over to a new owner. The policy owner is not always the insured. For example, the policy owner could be an adult child, while the insured may be their elderly parent. The policy owner can also be the beneficiary in this circumstance as well. The policy owner may also be the payor. 

However, sometimes the policy owner is not the payor. Sometimes another family member may be the payor. 

In fact, there can be 2 payors. Some insurance companies allow 2 payors, so one person does not have to bear all the financial responsibility. 

Living Benefits - are benefits you receive while you are still living. In an insurance policy, that can include a lump sum of money you receive in the event of chronic, critical, or terminal illness to pay for medical and hospital cost, rehabilitation, ect. Living benefits also includes the cash value of a whole life policy that builds with interest when you pay your premiums. A chronic, critical, or terminal illness does not have to occur in order for you to receive or withdraw the cash value. The cash value is essentially like funds in your personal bank account. It's yours to withdraw at anytime without any reason or life altering event. (You can withdraw the cash value or borrow the cash value as loan and pay it back.)