Final answer:
The type of beneficiary that can be changed by the policyowner in an insurance policy is a revocable beneficiary, providing the policyowner with flexibility and control.
Step-by-step explanation:
The type of beneficiary that can be changed at any point by the policyowner in an insurance policy is referred to as a revocable beneficiary. A revocable beneficiary is someone who can be removed or replaced by the policyowner without their consent.
This type of beneficiary gives the policyowner more flexibility and control over who receives the benefits of the policy. For example, if a policyowner initially designates their spouse as the revocable beneficiary of a life insurance policy but later decides to change it to their child, they have the power to do so.