Page:United States Statutes at Large Volume 43 Part 1.djvu/1340

 SIXTY-EIGHTH coNGREss. Sess. II. ca. 553. 1925. 1309 " Where a beneficiary at the time of desi ation b the insured .B¤¤¤9°i¤¤7 . ¥€°°¤· is within the permitted eiess of beeedeieriegiiud is the designated ;';§§t3;e§¤s!e"$l‘»12e 52; beneficiary at the time of the maturit of the insurance because of 'g°°t°d' the death of the insured, such beneficiary shall be deemed to be within the permitted class even though the status of such beneficiary shall have been changed. " The United States shall bear the expenses of administration and U,;E,§§§’g§‘§§,BSb°”° by the excess mortality and disability cost resulting from the hazards of . ` war. The lgiremium rates shall be the net rates based upon the Pmmum m°S` American xperience Table of Mortality and interest at 31/2 per In EMC, as 0, June centum per annum. This section shall be deemed to be in effect as @1924- of June 7, 1924.” Commdins Sec. 13. Section 301 of the World War Veterans’ Act, 1924, Am, p. cz4,i1¤ri$i¤°eil approved June 7, 1924, is hereby amended to read as follows: °°l,; . t be " Sec. 301. Not later than July 2, 1926, all term insurance held by eeugiunédnsligltweina persons who were in the military service after April 6, 1917, shall be ’°""‘“‘ converted, without medical examination, into such form or forms of insurance as may be prescribed by regulations and as the insured C°¤*’°¤i¤¤ flimmay request. Regulations shall provide for the right to convert into ordinary life, twenty-payment life, endowment maturin at age sixty-two, and into other usual forms of insurance, and giall prescribe the time and method of payment of the premiums thereon, but payments of premiums in advance shall not. be required for periods of more than one month each and may be deducted from the pay or deposit of the insured or be otherwise made at his election. - “All term insurance shall ceam on July 2, 1926, except when death w}`Sg'§*u,y*’;¤g{,•§°° *° or total permanent disability shall have occurred before July 2, 1926. ` " In case where an insured whose yearly renewable term insurance b$I'};*g;,°'jf,gab,’{g§;?°d has matured by reason of total permanent disability is found and declared to be no longer permanently and totally disabled, and where the insured is required under regulations to renew payment of pre- neaewei authorized miums on said term insurance, and where this contingency is extended “”°‘°“$°'°‘5°"‘°d· beyond the period during which said yearly renewable term insurance otherwise must be converted, there shall be given such insured an additional period of two {years from the date on which he is required to renew payment o premiums in which to convert said term insurance as hereinbefore provided. ` " The insurance except as provided herein shall be payable in two Mece erpeymem. hundred and forty equal monthly installments. rovisions for thf,’g§{,_V°'“*°¤¤ °•*· maturity at certain ages, for continuous installments during the life of the insured or beneficiaries, or both, for cash, loan, pai up and extended values, dividends from gains and savings, an such other provisions for the protectionand advantage of and for alternative benefits to the insured and the beneficiaries as may be found to be reasonable and practicable, may be provided for in the contract of insurance, or from time to time by regulations. All calculations €¤1¤u1¤tic»¤s.ereshall be based upon the American Experience Table of Mortality and interest at 3% per centum per annum, except that no deduction shall be made for continuous installments during the life of the insured in case his total and permanent disability continues more than two cpe¤ge er beneahundred and forty months. Subject to regulations, the insured °"‘“°S ““°"°d· shall at all times have the right to change the benehciary or beneficiaries without the consent of such beneficiary or beneficiaries, but only within the classes herein provided. _ _ “ If no benefic1ary_ within the permitted class be designated by iriziggggngxgegg; the insured as beneficiary for converted insurance granted under the lgllated. provisions of Article IV of the War Risk Insurance Act, or Title III of this Act, either in his lifetime or by his last will and testament, or if the designated beneficiary does not survive the insured, then