Page:United States Statutes at Large Volume 45 Part 1.djvu/1020

 SEVENTIETH CONGRESS. SESS. I. Cs. 875 . 1928 . 969 no reco nversion shall b e made t o the fi ve-year level pr emium fo rm of policy. Yearly renewal term " All yearly re newa ble term ins uran ce s hall ce ase on J uly 2, insurance to cease July 1927, except when death or total perm anent disab ility shal l have 2, 1927 . Proviso . occurred before July 2, 1927 : Provided, however, That the director Exte nsion all owed for may by regulation extend the time for the Continuing of yearly mental condition or renewable term insurance and the conversion thereof in any case disappearan ce . where on July 2, 1927, conversion of such yearly renewable term insuran ce is im practica ble or i mpossibl e due to the men tal cond ition or disappearance of the insured . Insurance matured "In case where an insured whose yearly renewable term insurance by total disability may has matured by reason of total permanent disability is found and be renewed if insured declared to be no longe r permanently and totally disabled, and no longer so disabled. whe re the ins ur ed is required und er regulations to renew payment of premiums on said term insurance, and where this contingency is exte nded bey ond the peri od during wh ich said yea rly rene wabl e ter m insurance otherwise mus t be co nve rt ed, there sha ll be given such insured an additional period of two years from the date on. whic h he is requ ired to rene w pa ymen t of pre mium s in whi ch to Provisoo convert sa id te rm insurance as hereinbefore provided : Provi ded, Additional period on That where the time for conversion has been extended under the recovery of mental con- dition, or reappearing. second paragraph of this section because of the mental condition or disappearance of the insured, there shall be allowed to the insured an add itional period o f two ye ars from the dat e on whi ch he re covers from his mental disability or reappears in which to convert. Mode of paym ents. " The insurance except as provided herein shall be payable in two Proviso. hundred and forty equal monthly installments : Provided, That when Cumulation of small the amount of an individual monthly payment is less than $5, such n •UL's' amount may in the discretion of the director be allowed to accumu- Other provisions au- la te wi th out interest and be disbursed annually . Provisions for tborized. maturity at cer ta in ag es, for co nti nu ous installments during the life of the insured or beneficiaries, or both, for cash, loan, paid up and exte nded val ues, div iden ds f rom gain s and sa ving s, and such other provisions for the protection and advantage of and for alternative benefits to the insured and the beneficiaries as may be found to be reasonable and practicable, may be provided for in the Basis of calculations . contract of in sur an ce, or from time to tim e by regulations. All calculations shall be based upon the American Experience Table of Mortality and interest at 31/2 per centum per annum, except that no deduction shall be made for continuous installments during the life of the insured in case his total and permanent disability continues mo re than two hundred and forty mo nth s. Subj ect to r egulatio ns, rie Change of beneScia- the insured shall at all ti mes have the rig ht to change the beneficiary or beneficiaries without the consent of such beneficiary or beneficiaries, but only within the classes herein provided. Payment t o estate if "If no beneficiary be designated by the insured as beneficiary for des i living . beneficia ry converted insurance granted under the provisions of Article IV of the War Risk Insurance Act, or Title III of this Act, either in his lifetime or by his last will and testament, or if the designated bene- ficiary does not survive the insured, then there shall be paid to the estate of the insured the present value of the remaining unpaid if beneficiary die mon thly installments ; or if the designated beneficiary survives the without receiving all insured and dies before receiving all of the installments of converted installments . insurance payable and applicable, then there shall be paid to the esta te of su ch benef iciary t he prese nt value of the r emaining unpaid Proviso . mon thly instal lment s : Provided, That no payments shall be made Escheat to United to an estate which under the laws of the residence of the insured or States, and paymen ts y to creit of insurance the beneficiary, as the case may be, would escheat, but same shall fund. escheat to the United States and be credited to the United States Government life insurance fund.

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