Page:United States Statutes at Large Volume 45 Part 1.djvu/1021

 970 SEVENTIETH CONGRESS. SEss. I. Cm 875. 1928. Optional lump sum, "The bureau may make provision in the contract for converted etc., etc., payment . 3r insurance for optional settlements, to be selected by the insured, whereby such insurance may be made payable either in one sum or in Election of ben e- installments for thirty-six months or more . The bureau may also ficiary to receive staliment payments . in- include in said contract a provision authorizing the beneficiary to elect to receive payment of the insurance in installments for thirty- six months or more, but only if the insured has not exercised the right of election as hereinbefore provided ; and even though the insured may have exercised his right of election the said contract ma y auth orize the be nefici ary, t o elec t to re ceive such i nsuran ce in in stallm ents s pread over a great er per iod of time t han th at sel ected Effective as of June by the insured . This section, as amended, shall be deemed to be in 711924. effect as of June 7, 1924 ." New section . SEC . 15 . That a new section be added to the World War Veterans' Vol . sCode, p .•2 081 . Act, 1924, as amended (title 38, United States Code), to be known Insurance in any as section 310 and to read as follows multiple of $500, and SE C. 310. Notwithstanding the provisions of sections 300 and not less than $1,000, 301 of the World War Veterans' Act 1924, as amended (sections may be granted. a Ante, pp . 967, 968. 511 and 512, title 38, United States Code), the United States, upon 208 U . S. Code, pp. 2079, application to the bureau, shall grant United States Government li fe (c onve rted) insu rance aga inst death or perma nent total dis - ability in any multiple of $500 and not less than $1,000 or more than $10,000 to any person who has heretofore applied or been eligible to apply for yearly renewable term insurance or United States Peaithsrequirement . Government life (converted) insurance : Provided, That such person is in good health and furnishes evidence satisfactory to the director limit of amount, to this effect : Provided further, That no person may ca rry more than $10,000 of United States Government life insurance at one Res tric tion if f ormer time : Provided further That no erson who has surrendered his insurance surrendered h for cash. United States Government life (converted) insurance for its cash surrender value shall be entitled to apply for insurance under this sect ion to the e xtent of the amoun t of th e insu rance so sur render ed Applicable only for World War service. Provided further, That the provisions of this section shall not apply to any person who did not serve in the military or naval forces of the United States in the course of the World War ." New section . 800. SEC. 16. That a new section be added to the World War Veterans' U.S. Code, p.2081. Act, 1924, as amended (title 38, United States Code), to be known as section 311 and to read as follows Disability payments " SEC . 311. The director is hereby authorized and directed to to insured for period of y 12 months. include in the United States Government life (converted) insurance policy, provision whereby an insured who is totally disabled for a period of twelve consecutive months, shall be paid disability benefits under the contract as though he or she were permanently and totally Effective date, etc. disabled. Such payments shall be effective as of the date of begin- ning of total disability, and shall be made monthly in accordance with the terms of the contract during the continuance of such total Independent of other disability. Payments under this section shall be made independent benefits, and pre- mium s rec eive d, of any other benefit provided in the contract, and during the period of such payments all premiums on such insurance shall be waived. Insurance polic y to Regulations shall provide for reexaminations of beneficiaries under apply when no longer this section ; and, in the event it is found that an insured is no longer disabled. totally disabled, payment of benefits shall cease, and the provisions of the United States Government life (converted) insurance policy Other rights not with reference to permanent total disability shall ahll1yProvided the r prejudiced. That the benefits of this section shall not prejudice the right of any Conditions of grant- insured who is otherwise permanently and totally disabled
 * Provided

ing benefits. further, That the benefits of this section shall only be granted upon application made by the insured at the time of the original applica- tion for United States Government life insurance, or after such appli- cation at any time during the life of the contract, upon proof of

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