Which type of beneficiary designation requires consent for policy assignments or loans?

The correct choice, which indicates the type of beneficiary designation that requires consent for policy assignments or loans, is indeed irrevocable. When a beneficiary is designated as irrevocable, their rights to the policy cannot be altered without their consent. This means that the policy owner cannot change, withdraw, or assign the policy to another party, nor take out loans against the policy's cash value without securing approval from the irrevocable beneficiary. This designation provides greater security to the beneficiary and assures them that their interest in the policy will not be disturbed.

In contrast, other designations such as named beneficiaries do not necessarily impose such restrictions, as the policy owner retains the right to make changes without requiring consent. The incontestable clause pertains to a period during which the insurer cannot contest a claim on the policy, unrelated to control over assignments or loans. Class beneficiaries group beneficiaries together but also do not impose consent requirements. Hence, irrevocable is the only designation that mandates the beneficiary's consent for significant policy actions.