How to change the label of a field based on the record type view it is in?
The label changes based on the currently selected record type. If the record type field is not filled out, it will say ‘default’ instead.
If you want to change the labels for a record type, be sure to have open on the screen, a contact record for that record type. When you change the labels via the screen interface, you are changing the label for record type displayed.
To change the actual label.
1) Right click on the label and select "Properties"
2) On the "Profile" tab, change the value for the "Label used..." field.
Note: Before making any change, double check the the right record type is displayed on this tab.