Page:United States Statutes at Large Volume 40 Part 1.djvu/463

 SIXTY-FIFTH CONGRESS. Sess. II. Ch. 20. 1918. 445 $5,000, irrespective of the number of policies held by such person ·whether in one or more companies, when such contracts were made and a remium was paid thereon before September first, nineteen Rm. ti hundred and seventeen; but in no event sha the provisions of this paid pileiuiiiizg mm Article apply to any plolicy on which premiums are due and unpaid for a period of more t an one year at the time when application for Outstanding I the beneits of this Article is made or in respect of any policy on which em. °°°S’ there is outstanding a policy loan or other indebtedness equal to or greiater than fifty per centum of the cash surrender value of the 0 c. P Sai':. 403. That the Bureau of War Risk Insurance shall, subject ,,,·Qj,E,§‘,;‘;,°bgu§';;_R*Sk to regulations, which shall be prescribed by the Secretary of the Treasrn·y, compile and maintain a list of such persons in military service Applmmm to be as have made application for the benefits of this Article, and shall rejected (1) reject any applications for such benefits made by p`ersons who are not persons in military service; (2) reject any app 'cations for such benefits in excess of the amount permitted by section four hundred and two; and (3) reject any applications III respect of contracts of insurance otherwise not entitled to the benefits of this Nome Omjmm or Article. Said bureau shall immediately notify the insurer and the approver. insured in writing of every rejection or approval. _ Sec. 404. That when one or more applications are made under °,§’§§,{’§'§c°j°“ this Article by any one {person in military service in respect of insurance exceeding a total ace value of $5,000, whether on one or more olicies or in one or more companies, and the insured shall not in his ap lication indicate anorder of reference, the Bureau of War Risk lirisurance shall reject such officies as have the inferior cash surrender value, so as to reduce tlie total benefits conferred within the face value of $5,000, and where necessary for this purpose shall direct the insurer to divide any poli into two separate policies. The said bureau shall immediate y notify the insurer and the insured in writing of such selection. _ Sec. 405. That no policy which has not lapsed for the nonpayment t,,P{’§,‘§°°“ }’§§°§f§§p§Q,f of premium before the commencement of the period of military serv- mwgd dgcrinz =¤rvi<=¤ ice of the insured and which has been brought within the benefits pm ’° ` of this Article, shall lapse or be forfeited for the nonpayment of premium during the period of such service or during one year after the P e iration of such period: Provided, That in no case shall this ro- m'»irr°‘fi’tl¤a h?ition extend for more than one year after the termination ofp the war. Sec. 406. That within the first fifteen days of each calendar month ms]fi°}i°¤tl€]e’i$$°$.t¤iai»l§°$ after the date of approval of this Act rmtil the expiration of one year §*§*°" ”“gl°°’ ‘° after the termination of the war, every insurance corporation or asso- ' ciation to which application has been made as herein provided for the benefits of this Article, shall render to the Bureau of War ltisk Insurance a report, duly verified, setting forth the following facts: First. The names of the persons who have applied for such benefits, ¤fi¤£ri°¢iii:;ipIiri»£i ddd and the face value of the policies in respect of which such benents havedpeen applied for by such persons, during the preceding calendar mon ; _ Second. A list as far as practicable of the premiums in respect of mjI{,‘§L_°‘ mmm P"' policies entitled to the benefits of this Article which remain unpaid on the last day of the {preceding calendar month, which day is at least thirty-one days a ter the ue date of the premiums, provided _ such premiums have not previously been so reported as in default; mmm Premiums Third. A list of premiums which, having been previously reported paid. as m default, have been paid by the policyholder or some one on his behalf m whole or in part dining the preceding calendar month; Fourth. A computation of the difference between the total amount mg,§gi}° iii: of_ defaulted premiums therein reported and the total amount of pro-  °“" miums paid as therein reported, after having been previously reported