Final answer:
The policy owner is the only individual qualified to change the beneficiary designation on a life insurance policy, unless the policy has an irrevocable beneficiary, in which case the beneficiary's consent is also required.
Step-by-step explanation:
On a life insurance policy, the individual qualified to change the beneficiary designation is typically the policy owner. This is the person who holds the ownership rights of the policy, and they have the authority to make changes to the beneficiary unless the policy has an irrevocable beneficiary designation. In that case, the current beneficiary must also consent to any changes. It is important to note that while the policy owner is often the insured as well, this is not always the case. However, the insured cannot change the beneficiary unless they are also the policy owner. Additionally, the insurance company does not have the right to change beneficiaries on the policy.