§ 870.909 Designations and changes of beneficiary

5 CFR 870.909(a)(1)(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.

5 CFR 870.909(a)(2)(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.

5 CFR 870.909(b)(b) Benefits for assigned insurance are paid to the assignee(s) if the assignee(s) did not designate a beneficiary.

5 CFR 870.909(c)(c) Benefits for assigned insurance are paid to an assignee's estate if the assignee dies before the insured individual and:

5 CFR 870.909(c)(1)(1) The assignee (or the assignee's heirs) did not designate a beneficiary; or

5 CFR 870.909(c)(2)(2) The assignee's designated beneficiary dies before the insured individual.

5 CFR 870.909(d)(d) The provisions of § 870.802 apply to designations of beneficiary made by assignees.