Which provision allows a policyholder to change a beneficiary?

The correct choice is the revocable beneficiary provision, as it explicitly allows a policyholder the flexibility to change the designated beneficiary at any time during their lifetime. This means that if the policyholder decides to update or modify who will receive the death benefit, they can do so without needing the consent of the current beneficiary. This provision is essential for policyholders who may want to change their financial planning or personal circumstances, such as marriage, divorce, or the birth of a child.

The other options do not directly address the ability to change a beneficiary in the same way. The beneficiary designation clause refers to the initial naming of beneficiaries and the terms associated with that selection but does not inherently grant the flexibility to make changes. The change of heart provision is not a standard term used in insurance policies and does not pertain to beneficiary changes. The modification option generally concerns changes to the policy itself, such as coverage levels or terms, rather than the beneficiaries. This distinction highlights why the revocable beneficiary provision is the most relevant and correct choice for allowing changes to the beneficiary designation.