In order for you to edit this text you must do the following:

Go to >> TOOLBOX >> FORM MANAGER >> Type in the search bar "Contact Details", once you found the form click on Edit.

Find the Field Label Name Type of Listing:

In this example, we are going to replace Company for "Art School" and Individual for "Artist", to do this we must use the following code:

Company=>Art School,Individual=>Artist

Finally, click on Save Changes.

Now if you login as a member, you can see the changes reflected: