Which type of beneficiary does not have vested rights under a life policy?

A revocable beneficiary does not have vested rights under a life insurance policy because the policyholder retains the right to alter or change the beneficiary designation at any time without the beneficiary's consent. This means that if the policyholder decides to change the beneficiary to someone else, the revocable beneficiary has no claim or rights to the policy proceeds unless they were designated as the beneficiary at the time of the insured's death.

In contrast, an irrevocable beneficiary has vested rights, which means that the insured cannot change the beneficiary without the irrevocable beneficiary's consent. A primary beneficiary also has a direct claim to the policy proceeds upon the insured’s death, and a contingent beneficiary is next in line if the primary beneficiary is unable to claim the benefits (either due to passing away or disclaiming the benefits). Both of these types of beneficiaries have certain rights established by the policy, making them different from a revocable beneficiary.