Code of Federal Regulations · Section
§ 870.505 — Optional Insurance: Waiver/cancellation Of Insurance
5 C.F.R. § 870.505
(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 § 870.506.
Authorizing Statute
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Regulations5 U.S.C. § 8716
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Continued benefits for certain Senate Restaurants employees2 U.S.C. § 2051
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Definitions5 U.S.C. § 8701
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Automatic coverage5 U.S.C. § 8702
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Additional optional life insurance5 U.S.C. § 8714b
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Definitions5 U.S.C. § 5561
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Termination of insurance; assignment of ownership5 U.S.C. § 8706