Final answer:
A revocable beneficiary can be changed by the policyowner without the beneficiary's consent. This is unlike an irrevocable beneficiary, who would need to give consent before any changes are made. This distinction is important in life insurance policies and estate planning.
Step-by-step explanation:
A revocable beneficiary may be changed by the policyowner without the consent of the beneficiary. In life insurance policies, there are generally two types of beneficiaries: revocable and irrevocable. A revocable beneficiary arrangement gives the policyowner the flexibility to change the beneficiary designation without needing permission from the current beneficiary. Conversely, an irrevocable beneficiary designation requires the consent of the beneficiary before any changes can be made. This is a critical aspect of life insurance and estate planning as it affects the security and rights of the named beneficiaries.