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Who has the authority to change a revocable beneficiary in an insurance policy?

  1. Insured

  2. Policyowner

  3. Beneficiary

  4. Insurance agent

The correct answer is: Policyowner

The policyowner possesses the authority to change a revocable beneficiary in an insurance policy. This is because the policyowner holds the rights to make decisions about the policy, including the designation of beneficiaries. A revocable beneficiary designation allows the policyowner to change the beneficiary at any time without needing the approval of the current beneficiary. While the insured may also be the policyowner, their role as the insured does not automatically grant them the authority to make changes to the policy benefits. The beneficiary does not have the ability to change their status or claim rights on the policy without the policyowner's consent. An insurance agent serves as an intermediary and does not have the authority to alter the policy terms unless explicitly granted that power by the policyowner.