Page:United States Statutes at Large Volume 40 Part 1.djvu/464

 446 SIXTY-FIFTH CONGRESS. Sess. II. Ch. 20. 1918. as in default. From this sum shall be deducted the total sum of any premiums reviously re rted as in default, upon policies nn respect of which the Biueau ofpo War Risk Insurance as, since the date of such report, rejected an application for the benefits of this Article. 'Jil-fip final sum so arrived at shall be denominated the monthly erence. ,,,X,‘{‘2{'§F°“‘ °' ’°"°°' Sec. 407 . That the Bureau of War Risk Ins1u·ance shall verify the com utation of monthly difference reported by each insurer, and V shallicertify it, as corrected, to the Secretary of the Treasury and the msurer. Umm Sims b°“°’ Sec. 408. That the Secreta of the Treas shall, within ten days for mmm, thereafter, deliver each montlhy to the prop Hicer of each insurer, bonds of the United States to the amount of that multiple of $100 nearest to the monthly difference certified in respect of each insurer. Limitation on use of Such bonds shall be registered in the names of the respective insurers, ·¤¤¤<1,¤t¤- who shall be entitled to receive the interest accruing thereon, and such bonds shall not be transferred, or again re%stered, except upon the approval of the Director of the Bureau of ar Risk Insur- _ ance, and s all remain in the possession of the insurer until settle- ·iah°¤$°£hum of stu. ment is made in accordance with this Article: Prowkled, That wheng;&;’l§s *° *“S°"’°”‘ ever the fact of insolvency shall be ascertained by the Director of ` the Bureau of War Risk Insurance all obligation on the part of the United States, under this Article, for future premiums on gilolicies of such insurer shall thereupon terminate. An insurer sha furnish Buds as www ,0, semiannual statements to the Bureau of War Risk Insurance. unpaid premiums. Sec. 409. That the bonds so delivered shall be held by the respecmm www cm five insurers as securityfor the payment of the defaulted premiums - ’ with interest. To indemnifyl it against loss the United States shall ` have a first lien upon any po `cy receiving the benefits of this Article, sublpgt only to any lien existinig at the time the policy became subject to t Act, and no loan or sett ement or payment of dividend shall be made by] the insurer on such polic whic may prejudice the security of such `en. Before any dividendv is aid or any loan or settlement is madebtheb writtéan consent of the Iliureau of War Risk Insurance must e 0 taine. ¤¤:1;d git giiiségofii gg; SBC. 410. That in the event that the military service of any °"‘°““‘ “"“€“"“°°· person beincr the holder of a policy receiving the benehts of this Article shall: be terminated by death, the amount of any unpaid premiums, with interest at the rate lprovided for in the policy for policy) loans, shall be deducted from the proceeds of the policy and shall eilncluded in the next monthly report of the insurer as premi- _ ums pai e . p§t°g‘f;’$,,§‘$,,;],§°,*§?g‘§,,fi Src. 4_11. That if the insured does not  one year after the §;*{gifi'g;r§°?·;r§{;;f°¤d termination of his period of military service pay to the insurer all past due premiums with interest thereon from their several due dates at the rate provided in the policy for policy loans, the policy shall at the end of such year immediately lapse and become void, and the PWM insurer shall thereupon become hable to pay the cash surrender tu w;¤;<;<&rin service valu_e thereof, if any: Provided, That if the insured is in the military “ °" ‘ service at the termination of the war such lapse shall occur and surrender value fbi payable at the expiration of one year after the i A termmation 0 the war. mgtiini. si°t°m°m °i Src. 412. That at the expiration of one year after the termination C,,,d,,_., to m,um,_ of the war there shall be an account stated between each insurer and the Lmted States, in which the following items shall be credited to Monthly dixlereuces. the Insurer; _ (1) The total amount of the monthly differences reported under this Interest diderences. ·hticl€i _ (2) The difference between the tot al interest received by the insurer upon the b_onds held by 1t as security and the total interest upon such monthly differences at the rate of five per centum per annum; and in