Yes, the Central Station Passcode is a word used in alarm situations when the Central Monitoring Station calls to verify an alarm. You create the code during initial system setup but can easily change it whenever you want.
The following support document details how to update this, should you ever want to change it:
The text on the page says differently:
This is the Central Station Passcode (ex. "weather" or "cold") that you can use when talking over the phone with your Response team to discretionally inform them there is an actual emergency.
I want to update my "Safe Word"/"All Clear" but not sure if this is where to do it. There are no other options to set the safe vs discreet emergency passcodes.