In certain circumstances, usually after consultation with an attorney, some staff or retirees may wish instead to use Prudential's "" form (GRP-97935) or Prudential's "" (GRP-97934) to assign their Group Life Insurance.
If you assign ownership to an individual, and that individual predeceases you, the ownership of your life insurance is governed by the will of the deceased. It does not revert to you necessarily, unless you are named as the inheritor of the estate of the deceased.
Note:
The irrevocable "Absolute Gift Assignment" is your only option if you are setting up an irrevocable trust. Our contract with Prudential does not allow any other kind of assignment. For example, you cannot use your World Bank Group life insurance policy as collateral against a loan. Also cannot assign its value because it has no value to you, by definition, since the only time the Bank Group's Term Life Insurance policy can pay a claim is in the event of your death.
Step
Action
Action by Manager
01
Read the instructions attached to the forms. Fill in and sign two (2) copies of the forms:
or
Note:
Notarization is not required.
To help you fill out the form, refer to .
Action by Staff
02
Send the original forms by mail to HR Insurance Contracts Unit:
HR Insurance/HRDCB World Bank G2-202 P.O. Box 1420 Landover, MD, 20785, USA
Note:
Do not submit a version of this form electronically to HR Operations. The original is required.
Action by HR Insurance Contracts Unit
03
Record and approve the assignment, effective the date it is received, by doing the following:
Stamping the forms upon the receipt
Reviewing the form for completeness
Noting the assignment of the insurance in PeopleSoft
Scanning the forms into the staff member¡¯s beneficiary file
The form is NOT forwarded to Prudential unless there is a death claim.
