Page:United States Statutes at Large Volume 43 Part 1.djvu/1341

 13].0 SIXTY-EIGHTH CONGRESS. Sess. II. Ch. 553. 1925. there shall be paid to the estate of the insured the ipresent value of cig; Qv¤;{{¤0u<{ Qggggj the remaining unpaid monthlg installments; or 1 the designated mg all umaiirnems. beneficiary survives the insure and dies before receiving all of the installments of converted insurance payable and applicable, then there shall be paid to the estate of such beneficiary the present pmao. _ value of the remaining unpaid monthly installments: Provided, That S,§§°§‘°§f,d*°c,,l,]{§‘°’§‘,l no payments shall be made to any estate which under the laws of the md- residence of the insured or the beneficiary, as the case may be, would escheat, but same shall escheat to the United States and be credited to the United States Government life-insurance fund. .,,g}’,E§‘§',§‘.1,3,‘{,'T"’ °°"“’ “The bureau may make provision in the contract for converted insurance for optional settlements, to be selected by the insured, oth er mmumm whereby such insurance may be made payable either in one sum or ~¤e:io<1s. in installments for thirty-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 Emtm mm 7 installnrents spread over a_greater period of time than that selected ism. ’ ’ gy the insured. This section shall be deemed to be in effect as of Term insurance unc 7’ 1924],. Ana,p.ezs,amk¤¤. Sec. 14. Section 303_ of the World War Veterans’ Act, 1924, °d1;aymm www H approved June 7, 1924, is hereby amended to read as follows; ¤s> =¤·’vM¤$ ¤>¤¤€¤- Sec. 303. If no person within the permitted class be designated °"“"°'°°'“"“‘“'°“°°‘ as beneficiary for yearly renewable term insurance by the insured either in his lifetime or by his last will and testament or if the designated beneficiary does not survive the insured or survives the insured and dies prior to receiving all of the two hundred and forty installments or all such as are payable and applicable, there shall be paid to the estate of the insured the present value of the monthly installments thereafter paiyable, said value to be computed as of ggfgyuknm cfm} date of last payment ma e under any existing award: Provided, ingawmas. That all awards of yearly renewable term insurance which are in course of payment on the date of the approval of this Act shall continue until the death of the person receivin such pa ments, or until he forfeits same under the provisions of fliis Act. %V'hen any person to whom such insurance is now awarded dies or forfeits his rights to such insurance then there shall be paid to the estate of the A d t t t insured the present value of the remaining unpaid monthl installnotgdadgtid, ° °s “ °’ ments of the insurance so awarded to such person: Profvideriyfurther, That no award of yearly renewable term insurance which has been Bmw to Um d made to the estate of a last surviving beneficiary shall be affected sum and credited is by this amendment: Provided further, That in cases when the "‘“°* estate of an insured would esclleat under the laws of the place of his residence the insurance shall not be paid to the estate but shall _ escheat to the United States and be credited to the military and _ l9E‘l°""'“ °°'°""‘ “· naval insurance appropriation. This section shall be deemed to be _ _ in effect as of October 6, 1917." m};§l“““*°d ‘“S“" Sno, 15. Section 304 of the World War Veterans’ Act, 1924, wM~»v-625· ¤¤=·¤¤d- approved June 7, 1924, is hereby amended to read as follows; appmvaiorappuei- “Sec. 304. In the event that all provisions of the rules and f,§§‘Z,§’,§§;,,‘§,‘,§,’}§§fm°d" regulations other than the requirements as to the physical condition of the applicant for insurance have been complied with an application for reinstatement, in whole or in art, of lapsed or canceled yearly renewable term insurance or United) States Government life insurance (converted insurance) hereafter made may be approved if made within one year after the passage of this Act or within two years