Which type of designation allows a policyowner to change the beneficiary?

A revocable designation is the correct answer because it allows the policyowner the flexibility to change the beneficiary at any time without needing the consent of the current beneficiary. This means that the policyowner retains control over the policy and can adapt their decisions based on changing circumstances or preferences.

In contrast, an irrevocable designation locks in the beneficiary and typically requires the policyowner to obtain the beneficiary's consent if they wish to make any changes. Therefore, the policyowner loses flexibility once this designation is made. Fixed and temporary designations are not standard terms typically used to categorize beneficiary designations in life insurance policies, as they do not clearly align with the established concepts of revocable and irrevocable designations. This further highlights why revocable designation is the most appropriate choice in the context of beneficiary changes.