The display options can normally be found below the object preview. Here, you can define how the inserted object is displayed (which layer, which hatch...) and labeled.
The Layer button opens the Dialog box Assign Layer, where you can adapt the layer settings of the current object. You will find further information on this in the Chapter Layer assignment.
The Label button opens the Dialog box Label, where you can adapt the label settings of the current object. You will find further information on this in the Chapter Labeling.