Page:United States Statutes at Large Volume 117.djvu/2871

 117 STAT. 2852

PUBLIC LAW 108–189—DEC. 19, 2003 ‘‘(i) decrease the amount of coverage or require the payment of an additional amount as premiums if the insured engages in military service (except increases in premiums in individual term insurance based upon age); or ‘‘(ii) limit or restrict coverage for any activity required by military service; and ‘‘(B) is in force not less than 180 days before the date of the insured’s entry into military service and at the time of application under this title. ‘‘(2) PREMIUM.—The term ‘premium’ means the amount specified in an insurance policy to be paid to keep the policy in force. ‘‘(3) INSURED.—The term ‘insured’ means a servicemember whose life is insured under a policy. ‘‘(4) INSURER.—The term ‘insurer’ includes any firm, corporation, partnership, association, or business that is chartered or authorized to provide insurance and issue contracts or policies by the laws of a State or the United States.

50 USC app. 542.

‘‘SEC. 402. INSURANCE RIGHTS AND PROTECTIONS.

‘‘(a) RIGHTS AND PROTECTIONS.—The rights and protections under this title apply to the insured when— ‘‘(1) the insured, ‘‘(2) the insured’s legal representative, or ‘‘(3) the insured’s beneficiary in the case of an insured who is outside a State, applies in writing for protection under this title, unless the Secretary of Veterans Affairs determines that the insured’s policy is not entitled to protection under this title. ‘‘(b) NOTIFICATION AND APPLICATION.—The Secretary of Veterans Affairs shall notify the Secretary concerned of the procedures to be used to apply for the protections provided under this title. The applicant shall send the original application to the insurer and a copy to the Secretary of Veterans Affairs. ‘‘(c) LIMITATION ON AMOUNT.—The total amount of life insurance coverage protection provided by this title for a servicemember may not exceed $250,000, or an amount equal to the Servicemember’s Group Life Insurance maximum limit, whichever is greater, regardless of the number of policies submitted. 50 USC app. 543.

Reports. Regulations.

VerDate 11-MAY-2000

‘‘SEC. 403. APPLICATION FOR INSURANCE PROTECTION.

‘‘(a) APPLICATION PROCEDURE.—An application for protection under this title shall— ‘‘(1) be in writing and signed by the insured, the insured’s legal representative, or the insured’s beneficiary, as the case may be; ‘‘(2) identify the policy and the insurer; and ‘‘(3) include an acknowledgement that the insured’s rights under the policy are subject to and modified by the provisions of this title. ‘‘(b) ADDITIONAL REQUIREMENTS.—The Secretary of Veterans Affairs may require additional information from the applicant, the insured and the insurer to determine if the policy is entitled to protection under this title. ‘‘(c) NOTICE TO THE SECRETARY BY THE INSURER.—Upon receipt of the application of the insured, the insurer shall furnish a report

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