Under which beneficiary designation are a policy owner's rights limited?

The correct choice identifies "irrevocable" as the beneficiary designation under which a policy owner's rights are limited. When a beneficiary designation is irrevocable, it cannot be changed without the consent of the designated beneficiary. This means that the policy owner cannot alter who receives the policy benefits or any changes pertaining to the beneficiary without first obtaining approval from the irrevocable beneficiary. This designation provides greater security and assurance to the beneficiary, ensuring they will receive the benefits upon the policyholder's passing.

In contrast, revocable designations allow the policy owner to change beneficiaries at any time without needing permission from anyone else, reflecting complete control over the beneficiary choice. Conditional designations may tie benefits to certain requirements, but they do not inherently limit the policy owner's rights in the same way. Primary simply indicates the first in line to receive benefits but does not carry with it any limitations on the policy owner's rights regarding changes to beneficiaries.