What term describes a beneficiary designation that cannot be changed by the policy owner without the consent of the beneficiary?

The term that describes a beneficiary designation that cannot be changed by the policy owner without the consent of the beneficiary is "irrevocable." When a beneficiary designation is made irrevocable, it ensures that the designated beneficiary has a guaranteed right to receive the benefits upon the policy owner's death. This arrangement protects the beneficiary's interest because, even if the policy owner wishes to change the beneficiary later, they cannot do so without the consent of the irrevocable beneficiary.

In contrast to an irrevocable designation, a revocable designation allows the policy owner to change the beneficiary at any time without needing permission from the beneficiary. Therefore, the distinction lies in the authority the policy owner retains over the beneficiary designation, with irrevocable designations providing more security and permanence for the beneficiary involved.