Annuity Terms and Definitions

Assignee
The individual, corporation, or trustee to which you irrevocably transfer ownership of FEGLI coverage (except Dismemberment coverage and Option C).

Duly Appointed Representative of the Insured's Estate
An individual named in a court order granting the individual the authority to receive, or the right to possess, your property. The order must be issued by a court having jurisdiction over your estate.

Basic Insurance
The coverage, based on your annual rate of basic pay, which you automatically have as an eligible employee unless you waive it.

Designation of Beneficiary
Notice, signed by you and witnessed by two persons, indicating the person(s) you want to receive your life insurance benefits. The form generally used for life insurance designations is the Designation of Beneficiary form (SF 2823).

Annuity, Reduced
A retiree's basic annuity that is reduced because of retirement before a certain age (for reasons other than disability). Annuities are also reduced because of unpaid deposits or redeposits, or to provide a survivor annuity. (Also called reduced benefits.)

Accidental Dismemberment
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your limb or eyesight.

OFEGLI
The Office of Federal Employees' Group Life Insurance, which makes payments to beneficiaries under the policy. OFEGLI is not a Federal agency. It is staffed by employees of the contracted life insurance carrier.

Annuity, Postponed
Delaying your FERS annuity benefit to sometime in the future after meeting your Minimum Retirement Age but before age 62.

Option B
Coverage, equal to up to 5 multiples of your annual basic rate of pay, that you can elect in addition to Basic insurance. Also called additional optional insurance.

Incontestability
A statutory provision permitting erroneous enrollments that have continued for at least two years to become valid, if you have paid the applicable premiums during the period of erroneous coverage.