Which option in insurance refers to the right to change the beneficiary without consent?

In insurance terminology, a revocable beneficiary is one who can be changed by the policyholder without needing the consent of the beneficiary. This means that the policyholder has the authority to alter the beneficiary designation at any time, which is a significant feature in estate planning and insurance decisions.

This flexibility allows the policyholder to adapt to life changes, such as marriage, divorce, or the birth of new beneficiaries, without the need for formal agreement from the current beneficiary. Consequently, a revocable beneficiary designation supports the policyholder's control over their policy and its benefits.

In contrast, an irrevocable beneficiary cannot be changed without the consent of that beneficiary. This type of designation provides the beneficiary with certain rights and ensures that they cannot be removed or replaced without their approval. Conditional beneficiaries might receive benefits only if certain circumstances occur, while nominal beneficiaries are often named for administrative purposes but may not have a genuine claim to benefits. Understanding these distinctions helps in making informed decisions regarding life insurance policies and beneficiary designations.