Which type of beneficiary can be changed by the policyholder without their consent?

A revocable beneficiary is one that can be changed by the policyholder without needing to obtain consent from that beneficiary. This flexibility allows the policyholder to alter their beneficiary designations in response to changes in personal circumstances, such as marriage, divorce, or other life events.

On the other hand, irrevocable beneficiaries and contingent beneficiaries have different characteristics that restrict how changes can be made. An irrevocable beneficiary has a vested interest in the policy's benefits, meaning their consent would be required for any changes to be made. A contingent beneficiary is typically designated to receive benefits only if the primary beneficiary cannot do so, and while the policyholder can change the primary beneficiary, the contingent beneficiary designation may also require consideration of any irrevocable arrangements.

The designated beneficiary option typically refers broadly to any beneficiary specified in the policy, but without the context of consent requirements, it does not specifically designate flexibility in changing the beneficiary. Thus, the correct answer is the revocable beneficiary, as it allows the policyholder to modify the designation at any time without the need for consent from the beneficiary.