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The World Bank
1818 H Street N.W.
Washington, DC 20433

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Life Insurance Beneficiary - Assign a Trust or Other Legal Entity


The assignment of a trust or other legal entity as the Group Term Life Insurance beneficiary is available only to HQ active or Retiree Life Insurance participants.

In certain circumstances, usually after consultation with an attorney, some staff or retirees may wish instead to use Prudential's "Absolute Gift Assignment to Trustee" form (GRP-97935) or Prudential's "Absolute Gift Assignment to Individual" (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.


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.




Action by Manager


Read the instructions attached to the forms. Fill in and sign two (2) copies of the forms:


Notarization is not required.

To help you fill out the form, refer to Assignment of Ownership Instructions.


Action by Staff


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


Do not submit a version of this form electronically to HR Operations. The original is required.


Action by HR Insurance Contracts Unit


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.


Action by Staff


Check your beneficiary designation via myHR Self-Service.