(3) Accepted party. The party entitled to part or all of the payment of the insurance policy in question must be named and his or her postal address documented. FEGLI participants use this form to transfer ownership of their life insurance coverage to another person, company or trust. and officers use the form to reallocate coverage. WARNING! This form permanently transfers ownership of your FEGLI insurance to another person, trustee or company (however, premiums will still be deducted from your salary/pension). An assignment is irrevocable and cannot be changed at a later date. DO NOT USE THIS FORM if you wish to designate a single beneficiary to receive your life insurance. Instead, use the form available to name the beneficiary. Request a paper copy of this form from your service staff office. For more information on allowances and beneficiary designations, see the FEGLI brochure on allowances and beneficiary designation and order of priority. (1) Effective date of the assignment. The first day on which this document makes its terms and conditions of allocation active must be fixed at the beginning of the first article.
(2) Beneficiary. The beneficiary of the insurance policy must be identified for this mission to function properly. This is the portion designated on the relevant insurance policy as the beneficiary of its benefits (i.e., payment). Provide the full name and address of this beneficiary. (8) Full Terms and Conditions. This assignment must be fully defined before being signed. So, if there are details that have not been covered so far, present them as “additional conditions” in the area provided for this purpose. When awarding life insurance proceeds (for example, to a funeral home), the beneficiary usually allocates only the cost of the specific service (not the total amount of life insurance).
(9) Signature of the beneficiary. The beneficiary`s intention to release funds from an insurance policy through such an assignment must be verifiable. To this end, the beneficiary must sign this order under the direction of an active notary. An assignment of insurance allows a beneficiary (assignor) to transfer all or part of the proceeds to another person (assignee). This is especially common with life insurance, when a family does not have the money to pay for funeral expenses and decides to allocate part of the deceased`s life insurance proceeds to cover funeral expenses. (5) Policy number. Identify the policy number that the insurance company has assigned to the account from which you want the discussed payments to come from. (4) Insurance Company. The name of the insurance company where the policy is held must be provided in its entirety. This must be the legal name, including the statute suffix under which it was registered as a company. (6) Allocation of all products. The recipient must determine the portion of the payment that will be allocated to the accepting party.
However, if the assignment remits the full payment of the insurance to the accepting party, the language of the first checkbox must be adopted as the definition of the second article. To ensure that the total amount of insurance proceeds is allocated to the accepting party, select the first check box. (12) Notarisation. As already mentioned, it is essential that the beneficiary`s signature can be verified as an authentic signature. The notary will be able to prove the identity of the beneficiary and the signature as verifiable through the notarization process. Thus, only the notary who has completed the notarization process on the signature provided can provide the required confirmation in the last section. (7) Description of part of the product. As mentioned earlier, the beneficiary may only need to transfer part of the insurance proceeds to the receiving party. This can be done by selecting the second check box statement. This definition requires the exact dollar amount remitted to the accepting party, documented where requested.