Which dividend option allows the policy owner to receive a check for the amount of the dividend?

The cash payment option allows the policy owner to receive the dividends in the form of a check. This means that instead of reinvesting the dividends back into the policy or using them for premiums, the policyholder can take the dividends as cash. This option is particularly appealing for those who prefer immediate liquidity or have other expenses that they wish to cover with the dividend payments.

Other choices like the accumulation option involve reinvesting the dividends into the policy, which doesn’t provide immediate cash benefits, while premium reduction applies dividends directly to offset future premium payments. The paid-up additions option uses the dividends to purchase additional insurance coverage, enhancing the policy's value but again not providing immediate cash. In contrast, the cash payment option gives policyholders straightforward access to dividend funds whenever they need them.