What does it mean when a beneficiary is classified as revocable?

When a beneficiary is classified as revocable, it means that the owner of the policy has the authority to change the beneficiary designation at any time without needing to obtain permission from the beneficiary. This flexibility allows the policyholder to adapt their beneficiary choice as their circumstances or intentions change.

In contrast, if a beneficiary were classified as irrevocable, it would require the policyholder to obtain consent from that beneficiary to make any changes, which limits the policyholder's control. The other options suggest restrictions or characteristics that do not apply to a revocable beneficiary designation, as it centers on the policyholder's autonomy in managing their policy. Thus, the correct understanding is that the policy owner can alter the revocable beneficiary designation as desired, without any additional requirements.