Page:United States Statutes at Large Volume 46 Part 1.djvu/1044

 SEVENTY-FIRST CONGRESS. SEss. II. Cii. 849. 1930. 1001 SEC. 22 . That section 301, paragraphs 3 and 4, of the World War ed ol.43,p.624, amend. Veterans' Act, 1924, as amended (section 512, title 38, United States Vol.45,p. 969. U. S. C.,p.1225; Code), be hereby amended to read as follows : Supp .IV,p .535. "In case where an insured whose yearly renewable term insurance ins ura nce matured has matured by reason of total permanent disability is found and by total disability . declare d to b e no l onger perman ently and tot ally d isable d, and where the insured is required under regulations to renew payment of pre- miums on said term i nsurance, and where t his contingency is extended beyond the period during which said yearly renewable term Renew al a utho rized insur ance other wise must be c onve rted, ther e sha ll b e giv en su ch if no longer disabled . insured an additional period of two years from the date on which he is required to renew payment of premiums in which to reinstate or Proviso . convert said term insurance as hereinbefore provided : P rovid ed, Conve rsio n of term That where the time for conversion has b een extended under the insurance. secon d par agrap h of this sect ion becau se of the ment al co nditi on or disappearance of the insured, there shall be allowed to the insured Additional time al- lowed for, i f incom- an additional period of two years from the date on which he recovers potent, etc. from his mental disability or reappears in which to convert. "The insurance, except as provided herein, shall be payable in two sta llm o nt of, by in- hundred and forty equal monthly installments : Provided, That when Proviso. the amount of an individual monthly payment is less than $5, such less than $5 mont hly paym ent amount may in the discretion of the director be allowed to accumu- late without interest and be disbursed annually . Provisions for Provision for matur ity at certain age ; for maturity at certain ages, for continuous installments during the life refund of premiums, of the in sured or beneficia ries, or both, for refund o f premium s, cash, for . may be provided loan, paid-up and extended values, dividends from gains and sav- ings, and such other provisions for the protection and advantage of and for alter native benef its to the i nsured and th e bene ficiar ies as may be found to be reasonable and practicable, may be provided for in the contract of insurance, or from time to time by regulations. All calculations shall be based upon the American Experience Table calculations bas ed up on American Es- of Mortality and interest at 31/2 per centum per annum, except that en a ce Table of nior- no deduction shall be made for continuous installments during the life of the insured in case his total and permanent disability con- tinues more than two hundred and forty months. Subject to regu- ci Change of benefi- lations, the insured shall at all times have the right to change the beneficia ry or ben eficiarie s without the cons ent of su ch benefi ciary or beneficiaries, but only within the classes herein provided ." SEC . 23 . That the last proviso of section 304 of the World War e Vol . 43,p .625,amend- Veterans' Act, 1924, as amended (section 515, title 38, United States U. S. C., p . 1226; Code) be hereby amended to read as follows : "And provided fur- supp .IV,p .536 . ther, That, except as provided in section 301 of the World War s t a t ement o of o yearly Veterans' Act, as amended, no yearly renewable term insurance shall renewable te rm in- be reinst ated afte r July 2, 1927 ." sur ance . SEC . 24. That section 307 of the World War Veterans' Act, 1924, ed ol .43,p.627,amend- as amended (section 518, title 38, United States Code), be hereby U. S. C.,p.1226 . amended to read as follows " SEC. 307. All contracts or policies of insurance heretofore or contracts of insur- hereafter issued, reinstated, or converted shall be incontestable from ance incontestable. the date of issuance, reinstatement, or conversion, except for fraud, nonpayment of premiums, or on the ground that the applicant, was Excep tion s. not a member of the military or naval forces of the United States, P,..isos . and s ubjec t to the provi sions of secti on 23 : Pr ovide d, That th e - Erle~ cttion of rights, by insured under such contract or policy may, without prejudicing his rights, elect to make claim to the bureau or to bring suit under sec- tion 19 of this Act on any prior contract or policy, and if found entitled thereto, shall, upon surrender of any subsequent contract or Vol. 43, p. 612. policy, be entitled to payments under the prior contract or policy

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