Page:United States Statutes at Large Volume 43 Part 1.djvu/656

 SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 320. 1924. 625 may authorize the beneficiary to elect to receive such insurance in installments spread over a greater period of time than that selected by the insure. Sec. 302. Whenever benefits under United States Government ,,,,§§§"§t§,x‘§,‘§’h‘f,‘;a§§' life insurance (converted insurance) become or have become, payable gg gv wid by U¤1¤¤¢i because of total permanent disability of the insured or because of l’di.42,p.155. the death of the insured as a result of disease or injury traceable to the extra hazard of the military or naval service, as such hazard may be determined by the director, the liabilit shall be bome by the United States, and the director is hereby authorized and I,,'§`,,"§,‘,§§‘§,§,,,‘Q‘,Q"·‘,,,s‘Q,¥,§ directed to transfer from the military and naval insurance ¤¤¢¤f¤¤<1f¤r- appropriation to the United States Government life-insurance fund a sum which, together with the reserve of the policy at the time of maturity by total permanent disability or death, will equal _ the then value of such benefits. When a person receiving total ,,,f§,‘2,‘§§°°‘§,, Wm Eprmanent disability benehts under a United States Government from wm <1iS¤1>i¤i¢r· e policy (converted policy), recovers from such disability, and is then entitled to continue a reduced amount of insurance, the T I muh director is hereby authorized and directed to transfer to the military ms °r and naval insurance appropriation all of the loss reserve to the credit of such policy claim except a sum sumcient to set up the then required reserve on the reduce amount of the insurance that may be continued which sum shall be retained in the United States Government life-insurance fund for the purpose of such reserve. Sec. 303. If no person within the permitted class of benehciaries i;1;Z,'mS§,°$;;v°;3,°°{;E,°¤% survive the insured, or if before `the completion of payments the ”°‘,{•'},°°;)m,,_ beneficiary or benehciaries shall die and there be no surviving person ’ ` withm sa1d permitted class, then there shall be paid to the estate of the msured the present value of the monthly mstallments there- ,,,0,,,,,, after payable under the rovisions of this title: Provided, That in Eschesi to U¤i¢¤d cases where the estate of the insured would escheat under the laws of S°`°“‘ °t°° the place of his residence the insurance shall not be paid to the estate of the insured, but shall escheat to the United States and shall be credited to the United States Government life·insurance fund or the 0 W military and naval insurance appropriation, as may be proper. This 1qii·l!°°"'° °°° °‘ Section shall be deemed to be in effect as of October 6, 1917. Rdmum ,,,8,,,, Sec. 304. In the event that all provisions of the rules and regula- ance. sl ( I tions other than the requirements as to the physical condition of .,,:}.****,5*2:;..,,.*2 Qflitti the applicant for insurance have been complied with, and applica-  p_ ,5,5, @1011 or reinstatement, in whole or in art, of lapsed or canceled am¤¤&ed.m0 Iifcmjly renewable term insurance or United States Government P°“’*" ' _xfe insurance (converted insurance) hereafter made may be aplplxioved 1f made within one year after the passagp of this Act or wit two PWM years after the date of lapse or canoe ation: Provided, That the nasaeieeie wma applicant/s disability (if any) is the result of an injury or disease, w“"°'“°°‘ or_ of an aggravation thereof, suffered or contracted in the act1ve mllltary or naval service during the World War: Provided further, um of That the applicant during his lifetime submits proof satisfactory ,,,,I;,{,‘§°§,d{g'§*bH,t,_ to the director showing the service origin of the disability or aggravgstion thereof and that the applicant is not totally and permanently Bm mmmmm disabled. As a condition, however, to the accelptance o an applica- pam. tion for the reinstatement of lapsed or canoe ed iearly renewable term insurance, where the requirements as to the p ysical condition of the ap licant have not been com lied with, or, for the reinstatement of United States Governmentllife insurance (converted insurance) in any case, the applicant shall be required to pay all the back monthly premiums which would have become ptpyable if such insurance had not lapsed, together with interest of the rate of 5 per centum per annum, compounded annually, on each premium