Page:United States Statutes at Large Volume 44 Part 2.djvu/727

 SIXTY-NINTH CONGRESS. Sass.], Cn, 449. 1926.  “All early renewable term insurance shall cease on Jul 2 1927 Y°•*’*Y ”¤°°jg‘°‘*=*¤ except gvhen death or total upprmanent disabilityishall h&X8y0Cz,3ll.l`P8(£_;;z?i%?m ww M, before uly,2, 1927: Prov' d, lwweoer, That the director may bly, `mhmwm _,_ rcgulationi extend   time for tliacontinuing of yearly renewab clawed nu mental em- term  the conversron thereofqn any case where on °m°“°'°*'“""°“"’“°°‘ July 2,1927, conversion ofsuch yearlytrenewable terminsurance is impracticable or impossible due to the mental, condition or disap- pearance of the insured. i .,;   r · c _ i " In case where an insured whose yearly renewable term insurance · ,0{§,‘?",,*§g$,§{’,§‘“"d W has matured by,reason.of,tota1— permanen,t.disability,is found and ' declared to be no longer ermanently and totally disa   where the insured is reqmredp under regulations. to renew; payment of ,,,{,*}'Q,°¤';§d§s'g§gd{*f°d premiums on said term insurance, and where this contingency is extended beyond the period_during.,,which said yearly renewable term insurance otherwise must be converted, there shall be given such insured an additional period of two years fromthe dateion which he is required to renew payment tofpreniiums itiwhichitoi convert said term insurance as hereinbefore provided: Provided, f’&'{,°,;m, WM W That where the time for conversion has  extended under the ggpvyummm second paragraph of this section because of the p;eni=¤1.¢<>n<1i$i0s ar. ”"°"’°°°““" disappearance of the insured, there shall be allowed an a ditional period. of two page from the date   he recovers from his mental disability or reappears in   t’o’convert.` “ ‘I‘he,insurance except as provided herern shall be ayable inltwo. M°°°°"“"m°“*·, hundred and forty e%ualmonthlyinstalIments;Provi4{1i2, Thgt when €,,‘_{',,‘f,‘{;,,,_,,, ,,,,,,,8,, the amount of an in ividual monthg paymentjis      such, ¤¤¢>¤¤¤· amount may inthe discretion of me `rector be allowed toaccnmulate without interest and be disbursed annuall . _ Provisions f’r, ma- ,hg§E,?’d_”°""°“‘ °°‘ turity at certain ages, for continuous installments during  life of theinsured or beneficiaries, `or both, for cash, loan, aid up and extended values dividends from gains and savings, axingsiichyyiither rovisions for the protection and advantage of and for alternative hcnefitsto 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 lay regulations. All calculations shall °“‘°"1‘“°“’·°°°• be based upon the American xperience Table of Mortality and interest at 3% For centum per annum, except that noetdedruotion shall be made V or continuous installments during the life iof the insured in case his total and permanent disability continues more than two hundred and forty mont Subgect te’re§lations, the ,,£,h§,";,;;,,‘,}_‘r”°““°" insuredrshall at alltimes havethe ri` t`to c aoethe _, neficiary or beneficiaries without the consent of, such beneficiary or' benedciariesg but only within the classesherein provided,  1 ~.   A. _P c “ If no beneficiary within the permitted clam       no °5’§§§E§£,“°§§'g§i the insured as beneficizy for converted iD$l11'8I1b6"g§’$,Il'lié(][J]i,l1(1éZl'/‘tliB mm- rovisions of Article of the War Risk Insu1·a11ee'Ai:t,,jor°fl`itle lll of this Act, either in his lifetime or by his last will andtestament, v or if the designated 'beneiiciary does notsurvive the  then there shall be paid to the estate of the insured the lvalne or I the remaining unpaid monthlg installments;_ or 'i the’“desig‘nated withougonsetilolnilladriynz edi beneficiary survives the insure and dies before receiviréirllof the *“°°“¤*°”‘—‘· installments of converted insurance payable and app tble,-rthen there shall be paid to the estate of suc beneficiary the present value of the remaim impaid monthly installments: Provided, That no  to Umm payments shaliigemade to an estate which under the;  onthe ,§&¤·“;‘§*;¤w°{1•,.§*° *¤ residence of the insured orthe heneficiary, asthe case ma 4 _ would L i ` ` escheat, but same shall escheat to the United States and he credited to the United States Government life insurance fund. _ c a, “ The bureau may make revision in the contract for converted “§P;':;*;*°g,f¤’,’“m· insurance for optional settldments, to ,be_ selectedyyby the insured, "