Which of the following is a characteristic of a revocable beneficiary designation?

d) Policyowner can change beneficiary designation anytime without consent of beneficiary. See explanation below.

Explanation:

Life insurance by definition is the "contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured".

One characteristic of the life insurance policies is that can have revocable or irrevocable beneficiary designation.

A revocable beneficiary is possible "to be changed by the owner of the policy without the signature of the beneficiary".

An irrevocable beneficiary requires that a "beneficiary sign off on any policy changes".

a) Beneficiary may return control of policy to owner with written approval

Not true if is revocable the only person that can change the insurance is the owner not the beneficiary

b) Beneficiary has a vested interest in the policy

Not true, since the the owner have the control the beneficiary

c) Policyowner requires beneficiary's permission to borrow against the cash value

Not correct since for a revocable beneficiary the owner can change the insurance

d) Policyowner can change beneficiary designation anytime without consent of beneficiary

This is the correct option since the the only person that can change the conditions is the policyowner and without the consent of the beneficiary.