[Code of Federal Regulations]
[Title 5, Volume 2, Parts 700 to 1199]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR870.909]

[Page 393]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
          CHAPTER I--OFFICE OF PERSONNEL MANAGEMENT (Continued)
 
PART 870--FEDERAL EMPLOYEES' GROUP LIFE INSURANCE PROGRAM--Table of Contents
 
                Subpart I--Assignments of Life Insurance
 
Sec. 870.909  Designations and changes of beneficiary.

    (a)(1) An assignment automatically cancels an insured individual's 
prior designation of beneficiary. After making an assignment, an 
individual cannot designate a beneficiary; the right to designate 
beneficiaries transfers to the assignee.
    (2) Each assignee may designate a beneficiary or beneficiaries to 
receive insurance benefits upon the death of the insured individual and 
may also later change the beneficiaries. An assignee may designate 
himself/herself the primary beneficiary and name another contingent 
beneficiary(ies) to receive insurance benefits if the assignee dies 
before the insured individual.
    (b) Benefits for assigned insurance are paid to the assignee(s) if 
the assignee(s) did not designate a beneficiary.
    (c) Benefits for assigned insurance are paid to an assignee's estate 
if the assignee dies before the insured individual and:
    (1) The assignee (or the assignee's heirs) did not designate a 
beneficiary; or
    (2) The assignee's designated beneficiary dies before the insured 
individual.
    (d) The provisions of Sec. 870.802 apply to designations of 
beneficiary made by assignees.