Page:United States Statutes at Large Volume 45 Part 1.djvu/1019

 968 SEVENTIETH CONGRESS. SEss. I. Cu. 875. 1928. active service under the War Department or Navy Depa rtm ent protection for themselves and their dependents, the United States, upon application to the bureau and without medical examination, shall grant United States Government life insurance (converted insurance) against the death or total permanent disability of any such person in any multiple of $500, and not less than $1,000 or more t han $1 0,000 upon the pa yment of the prem iums a s here in- after provided. Such insurance must be applied for within one hundred and twenty days after enlistment or after entrance into Provisos. or employment in the active service and before discharge or resigna- Members of reserves tion : Provided, That any member of the reserve forces whose appli- applying at training stations, etc . cation was accepted at a time when he was in attendance at a mili- tary or naval training camp or station, and from whom premiums were collected, and who becomes or has become totally and per- manently disabled, or dies or has died, shall be deemed to have made valid application therefor. This proviso shall not authorize the granting of more than $10,000 insurance to any one person Applf e Service. Coa st Guard Serice . Provided further, That each officer and enlisted man of the Coast Guard who is serving on active duty at the time of the passage of this amendatory Act, or who subsequent thereto enters the Coast Guard service, shall be gra nted insurance in accordanc e with the terms of this section upon application within one hundred and twenty days of the passage of this amendatory Act, or date of enlist- ment or entry into the Coast Guard, whichever is the later date, and before retirement, discharge, or resignation. " Yearly renewable term insurance shall be payable only toa spouse, child, grandchild, parent, brother, sister, uncle, aunt, nephew, niece, brother-in-law, or sister-in-law, or to any or all of them, and also during to tal and perma nent disabilit y to the inju red person . " Where the beneficiary for yearly renewable term insurance at the time of designation by the insured is within the permitted class of beneficiaries and is the designated beneficiary at the time of the maturity of the insurance because of the death of the insured, such beneficiary shall be deemed to be within the permitted class even tho ugh the statu s of such ben eficiary shall have been ch anged. " The United States shall bear the expenses of administration and the excess m ortality and disability cos t resulting f rom the hazards of war . The premium rates shall be the net rates based upon the American Experience Table of Mortality and interest at 3 1/2 per centum per annum . This section, as amended, shall be deemed to be in effect as of June 7, 1924 ." SEC. 14. That section 301 of the World War Veterans' Act, 1924, as amended (section 512, title 38, United States Code), be hereby amended to read as follows "SEC . 301. Except as provided in the second paragraph of this section, not later than July 2, 1927, all term yearly renewable insur- ance he ld by persons who were in t he military s ervice after A pril 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 may request. Re gula tion s sh all prov ide for the righ t to c onvert into ordin ary li fe, tw enty-p aymen t life, endowment maturing at age sixty-t wo, five-year level premiu m term, and in to other usual forms of insurance, and for reconversion of any such policies to a higher premium rate or, upon proof of good health satisfactory to the Director, to a lower premium rate, in accordance with regulations to be issued by the director, and shall 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 : Provided, That T ime required for ma king. Amount limited. Beneficiaries allowed of yearly renewal term insurance. Beneficiaries recog- niz ed if within per- mitted class when des- ignated. Expens es borne by United States. Premiu m rates. Effective as of June 7, 1924 . Convert ed insurance. Vol. 44, p. 686, amend- ed. U.S. Code, p.2080. Term insu rance to be converted into other forms. Conversion rights . Proviso. Form exc epted.

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