For us, with 747-200s...
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If handflying...
PF calls "select LVL or ALT xxx"
PNF selects LVL and says "LVL or ALT xxx selected"
PF says "LVL or ALT xxx verified" (and I point to it when I am PF)
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If on autopilot...
PF is in charge of all selections on "P10 panel" (glareshield)
PF announces selection "LVL or ALT xxx selected"
PNF says "LVL or ALT xxx verified"...
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Ref. - FOM 747-287 - Chapter 4 (Normal Operations) -
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Happy contrails