Article 1891. Beneficiary of the Surrender Value

(1) Irrespective of a designation under Article 1890, the policyholder may also designate a beneficiary of the surrender value, if any, and may change or revoke such designation. The designation, change or revocation shall be made in writing and be sent to the insurer.
(2) The policyholder shall be regarded as the beneficiary of the surrender value if:
a) no beneficiary of the surrender value has been designated or
b) a designation of a beneficiary of the surrender value has been revoked and no other beneficiaries have been designated or
c) a beneficiary of the surrender value has died and no other beneficiaries have been designated.
(3) Article 1890 paras. (2), and (4) to (6) shall apply mutatis mutandis.