Page:United States Statutes at Large Volume 41 Part 1.djvu/397

 376 sixrrsixrn couennss. sm. 11. ca. 16. 1919. amended, shall be revised as of the first day of the third calendar month after the assa e of this Act, in accordance with the provisgons of the said Vllar Risk Insurance Act as modified by this amenato Act. H$Y,§“$E§,c,Q‘;,“°°F,§§? Salt? 14. That if no person within the permitted class of benchviva ciaries survive the insured, then there sha be paid to the estate of the insured the monthly installments payable and applicable imder the provisions of Article IV of the War Risk Insurance Act. f,g"“ §"g§p8,d Sec. 15. That if any person to whom such yearly renewable term i¤s¤ll§¤¤¤St$¤¤d¤¤¤h. insurance has been awarded dies, or his rights are otherwise termi- °°°"°tb°°° dm` nated after the death of the insured, but before all of the two hundred and forty monthly installments have been paid, then the monthly installments payable and applicable shall be payable to such person or ersons within the permitted class of beneficiaries as would, under the laws of the State of residence of the insured, be entitled to his ersonal property in case of intestacy; and if the permitted class of) beneficiaries be exhausted before all of the two hundred and forty monthly installments have been paid, then there shall be paid to the estate of the last siuviving person within the permit- _ ted class the remaining un aid monthly installments. §§‘!’“"“'§g§},““‘¥{,°“$,°,; Sec. 16. That if no benefihiary within the permitted class be desigbmlgqigrydwmewd. nated b the insured as benehci for converted insurance, granted °t°` under tlie provisions of Article IV’of the War Risk Insurance Act, either in his lifetime or by his last will and testament, or if the designated beneficiary does not survive the insured, then there shall be _ paid to the estate of the insured the remaining unpaid monthly installmg}, §§,'§f,§c,‘,Q{.y‘?°“‘g‘ ments; or if the desi ated beneficiary survives the insured and dies before receiving all oilthe installments of converted insurance payable and applicable, then there_ shall bipaid to the estate of such beneficiary the remaining unBpa1d mont y installments. ,,3f’g;*§,i',‘§,,}§§‘}p s“m· Sec. 17. That the ureau of War Risk Insurance may make provision in the contract for converted insurance for o tional settlements, to be selected by the insured, whereby such) insurance may be made payable either in one sum or in instal ments for thirty- other installment six months or more. The bureau may also include in said contract a "°"°'*" provision authorizing the beneficiary to elect to receive payment of the insurance in installments for thirty-six months or more, but only if the insured has not exercised the right of election as hereinbefore provided; and even though the insured may have exercised his right of election, the said contract may authorize the beneficiary to elect to receive such insurance in insta lments spread over a greater period of time than that selected bg the insured. m*;j;¤g¤T*9Q;gHQ§{)*’}§§;§ Sec. 18. That all premiums pai on account of insurance consmgieuc liia insurance verted under the provisions of Article IV of the War Risk Insurance mn ‘ Act shall be deposited and covered into the Treasury to the credit of the United States Government life insurance fund and shall be available for the payment of losses, dividends, refunds, and other ?°Fm°°”""“’· benefits provided for under such insurance. Payments from this fiund sha be made upon and in accordance with awards by the irector. keijsserve fund w be The Bureau of War Risk Insurance is hereb authorized to set ‘ aside out of the fund so collected such reserve fyuuds as may be required, under accepted actuarial principles, to meet all liabilities iamemeuzam. under such insurance; and the Secretary of the Treasury is hereby authorized to invest and reinvest the said United States Government life insurance fund, or any part thereof, in interest-bearing obligations of the United States and to sell the obligations for the purposes of the said fund. m;{¤¤;;gai§5;§§g¤¤;;;; Src. 19. That the amount of the monthly installments of allotamii mprssapaiva of ment and farnilg allowance, compensation, or yearly renewable term b°°° °"*'Y‘ insurance whic has become payable under the provisions of the