Definition - What does Revocable Beneficiary mean?
A revocable beneficiary is a beneficiary to an insurance policy that the policyholder has the right to remove or replace. This also gives the policyholder the option of discontinuing the policy.
Insuranceopedia explains Revocable Beneficiary
Listing a revocable beneficiary in a policy can be useful in case circumstances change. For instance, a policyholder could list their brother as the revocable beneficiary to their policy under the condition that the payout is shared with their other siblings. If the brother later proves to be financially irresponsible or a rift in the family causes the policyholder to doubt that the payout will be shared fairly, the beneficiary can be changed.