Page:United States Statutes at Large Volume 44 Part 1.djvu/2094

 §5I2 mana 38.-—-PEL’SIOA’i$’, Bozwa ia-law, or sister-in-law, or to any orb all of them, and also during total and permanent disability to the injured person. ° Where a beaedciary at the time of designation by the inlsared la within the pefmitted class of beaeilciarlesi and is the designated beaedciary at the time of the maturity of the insaraaee because of the death of the insured,-aach_ benefielary shall he deemed to be within the permitted class even though the statast of such beaedciary shall have been changed. ” ` The United States shall bear the expenses ot dministration add the excess-mortality and disability cost resu l jugtfrom the ha@rds bf- war. The] premium rates shall be e het} rates based upon the American Experience *Table°of_ értality and interest at 3% per centum per annum. `- This sectt§n—ahal1 be ll deemed to be iulemazt asot Juhet7;·1924. (Juneig, ·1924,·c; l 320, § 300, 43 Stat. 624; Marf 4, 1925, c. 553, §_ 12, 43  tat. 1308; Jaly2,1926,c.723,§14,44Stat.798.)··. _  ·¤ .Se¢ti~¤ 511 •{·Title     statutory proviilou {roastijtatlag { 511 oflfitle 38 of the Code hah been ameade§ €9;i gaylct of Jai; 2, _1926, g. 723, ·§ 14,_ 44 Stat. 798,,tp, read as above. The amendment added the two provisos at thee close of Brat paragraph. 512. Term'; iaahraace; whoa temtlnated; conyersion to elected policim; §>ay:aeut.——Except as ’provided" in the ·SOCOIldparagraph ofathiagaection, notlater than July 2, 1927, all terin yearly renewable  imaraace held by persoha whd were in the military service latte; April 6,*1917, aha1l—be converted, yvithout medical examihatlgou, into sueh form or forma jof lasurance as may be prescribed by xegulations and aa the {uéured may reqqéa; Regulations shall brovide for the right to convert ihto ordihaiy life, twenty-payment life, endowment mathrlng at age sixty- tsyo, five·year` level premium term, and into other usualiorms of insurance, and for reconveraionf of any such policies _ to a' higher premium rate ih aecordahce’*·with· regulations t0_`be issued hy the- director, and shall prescribe the time and method ot N payment of the premiums thereon, but payments ot premiums in advance shall not be required for periodaof more than ope mouth each, and may be deducted fron; the pay or deposit of the insured on; b€`Qth€l?'WiS€” made at his election;  _ - t All ywrly renewable " term insurance shall cease on July 2, 1927, except when death or total permanent disability shall have occurred before July 2, 1927; Provided, however, That the d.i— reetorfmay by 1'Bg\LlHtl0Il»€X]Z8Ild the time for the continuing of yearly renewable term insurance and the conversion thereof ia any case where on July 2, 1927, conversloh ot ‘ such yearly renewable tem insurance ia impractimble or impossible due to the mental ooaditioa or- disappmrahce of thelasmred. · Ia case where aha insured whose ymrly renewable term insuraaeo hu   by mama of total permanent disability dia found aaa vd€€18,I;6d't0 be no longer permanently and totally diaahledjaad whesge the iaauredda tequired ‘¤;moe1— regiilatious to renew payment ot premiums on said term iaauz·aace,d` aad where thia contingency is extended: beyond the period -dm·ihg which t said yearly renewable  laaarahée otherwise muat be converted. there shall be givea auch insured ian additiona1`Xperiod of two years from the date oa whim he_ia· required to renew payment of premiums in which to convert said xterm inauraaite aa hereiabefore paovided:  That where the time `afor ooaveraioa has been extended under the second paragraph oi ihie osectioa hecaaae ot the mwtal eoadidoh or disaimoalrahce of the insured, there ·®al1 be allowed to gthe insured aa addr tloaal period of two years from the date on- which he recovers to firota his mental disability oa ueappeara ia which to"c:oaver‘t. _ The liaearahee except as prdvldml herein ahall he "payabie ir two haadred and forty equal monthly iaatallhieats: Provided That when the .aa1oaat ot an individual moathly payment ,1: leags than $5, auch amouht may 111 the discretion of the directu: he allowed to accumulate without interest add  diahuraet amma1lyQ ;._lProvi@oaai for maturity at eertain iagea,` forr con LlD\l\lS`il1SC§uIl1G'Il`tS during the life ot the insixred or mae

Es, AND vETERA2~:s* RELIEF 20343 ileiades, dr beth, fom cash, lean, paid up and extended values, dividends from gains and sayings; and such ethei provision}; for the protection and advantage et and for alternative beaetlta to the insured arid ·the beneilciaries as may be fexmd te be reasonable a11d‘practicable,_may be p~revlded— for in the cen- [tract of. insurance, or fycm time to t1I!19_.b§'·T€g,'DI8t1QIlS. All calculations shall lk be.Sed upon the;,Americen Experience Table et Mortality endltxterest lt 31/; per eentum per annum. Lexeept that no deduction shall be made for continuous installuigents during thellife of the insured ll) case his total and per- .maj1ent dieabllity continues more than two hundred and f<)1’t;»’ months. Subject to reguletiené, the insured shall at all times haye  right to change the benedciary e1·{_·be1‘xe§eiariea without the eémsent of such herlehciary er beneéciaries, but wily · iwithixl the, classes herein provided. A { 1f·n0_beqef1ciary within the pf+1‘!1l1tl§€d_Cl8SS be designated by the insured, as beneficiary for c0m·erted` iafxemmice graaaell under the prowisiens of Article IV et the War Risk Ineuraxwe Act, or Title IH k>f—this 'Act.," either in his lifetime mf by ble last will and testament, 'ot it the designated heaedclary deee not survive the l11su_red, thent thereshall bepeld to the mtate ‘ bf the `lnsured the apreseet value. of the remaining uapeld, monthly installments; er if the dwigxxated beuedciaryw aurvieee the  and dies betefe. receiving all et the installments et ecnvertedi insurance _` payable and applicable, then, there shall - be peld to the estate of such beneécfary the mwesent yalee et the remaining unpaid monthly installments:   That ne payments {shall be made te my estate which under the laws et the residence of the iesiured or the bene§cla1—·y, as the ease _ `may be, would escheat, but same shell es&wt to the United Statm and be  to the United Statue Gevemment lite insurance fund. A -_ · - l. ‘ ". , The bureau may make provision lu the contract fe:"cetiverted `insurance for optional aettlementa te be selected by the in- · eared, whereby such insurance may be made `payable either ine one sum or in insmlltneata {mj thirtyeix IDOB{H8`<§' mere. The bpteau may also lncludeln said contract n_ provision amtherlz— __ lng the bexie¤°i*?=¤’Y to elect togrecelve payment of the insurance in installments for thirtymx months er mere, but eel; if the insured has not exerelaed, the right et ’e1e.·m¤ as herelahetere · provided; and every though the insured may have exercised his tight et eleetlee the said comzrect may authefizethe beeeeeiairy { to elect ttl. reeelve meh ·i¤eura.nce in 1 installments spread ever a i greater perl0d—0f’t1lme than that mlected by the insured. This seetleu Shall be deemed tebe in wedect ea. er Jane 7, 1324. 1 { (Juizxel 7, 1924, c. 320,. S 301, 43l Stat. 624; Mar. 4, 19%, c. 553, ' § 13,. ;43 Stat. 1309; Jane?. 19%:1;:. 449.44 Stat. 686.) _ y · ” Section. 512 offfitlé $8 •1nend»e¢!.·—-—-The statutory `pmvlelen coasti- ’ tutlhg { 512 of Title 88.et the Code has been amended by Aetef v l June J2, 1926, e. MQ, 44 Stat. $$6. . a _ · . - “ 5.15.; Lspaed er éaneeled insurance; reinstatement; pres [ eedure; ,temii¤atieir of term. insurance mtaHected.-——·—In the eyem: that all pretislens etthe rules   regnlatieila other than '_ the requirements es to thephysieal eendltien of   `eppllcaixt, ’ for inautauce have_bee,¤ complied with an appllcatlee for re- P. lnstatement, ih whale or in   of   etveaeceled yearly ’ E· renewable term méuranee" or United Statea Gevemmeet lite  pmved tf made within one year after the paemge or t.his_ 5 ¥amen·dat0ry Act? or within. two years after theldate et lapse er eaneellatieny: Prtevided, Thet the applleaet’e disability ia the é result of an injury er diaeaee,`erlefan aggravatien thereof, sat-' `· Iered or ceatractedjitx theefetive military ennnaval service dur- 5 p ‘ .” “The pasaage et this emendatery Act" sheeld be translated f‘J¤ly‘ 2,1926.** ‘ ( - _ . ·~ _ 1 !"‘Artlcle IV df ,the`War Riel; Ius=m*:€¤ce'Act  refers to Act ef l' Qet. 8,1917. c. 105, 40 Stat:. 409, 410, and ‘t Title III at this Act " >· sheulcl be. translated " 1‘art‘1II of this elmpter." . e
 * _ insmrailce (converted insuraneef hereafter. made maybe air-