Payment Of Premiums. All premiums are due on the Premium Due Dates shown in the Coverage Features.To update your beneficiaries, complete the Beneficiary Designation form and submit it to your Benefits S​pecialist.​​. If the Collateral Assignment is to be released, the Assignee must complete a collateral release form dated prior to the Absolute Assignment. You have 30 calendar days after this Summons and. Petition are served on you to file a Response (form. To find the forms that best suit your needs, please select the option that best describes you, your state and what type of policy you have with us. There are three ways to give life insurance to Santa Clara University: Name us a beneficiary of the policy. There are two types of life insurance under the FEGLI Program: Basic and Optional. Basic insurance pays out your annual rate of basic pay upon death.