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Current as of October 02, 2022 | Updated by FindLaw Staff
(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 § 870.802 apply to designations of beneficiary made by assignees.
Cite this article: FindLaw.com - Code of Federal Regulations Title 5. Administrative Personnel § 5.870.909 Designations and changes of beneficiary - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-5-administrative-personnel/cfr-sect-5-870-909/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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