[Code of Federal Regulations]
[Title 5, Volume 2]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR870.505]

[Page 414]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
          CHAPTER I--OFFICE OF PERSONNEL MANAGEMENT (CONTINUED)
 
PART 870_FEDERAL EMPLOYEES' GROUP LIFE INSURANCE PROGRAM--Table of Contents
 
                           Subpart E_Coverage
 
Sec.  870.505  Optional insurance: Waiver/cancellation of insurance.

    (a) An insured individual may cancel entirely any type of Optional 
insurance, or reduce the number of multiples of his/her Option B 
insurance, at any time by filing a waiver of Optional insurance 
coverage. An employee files with the employing office. An annuitant 
files with OPM or other office that administers his/her retirement 
system. If still employed, a compensationer files with the employing 
office, and if not still employed, with OPM. Exception: an individual 
who has assigned his/her insurance under subpart I of this part cannot 
cancel Option A or Option B coverage.
    (b) A cancellation of Optional insurance becomes effective, and 
Optional insurance stops, at the end of the pay period in which the 
waiver is properly filed. Exception: if Option C is cancelled because 
there are no eligible family members, the effective date is retroactive 
to the end of the pay period in which there stopped being any eligible 
family members.
    (c) A waiver of Optional insurance remains in effect until it is 
cancelled as provided in Sec.  870.506.