Page:United States Statutes at Large Volume 58 Part 1.djvu/783

 58 STAT.] 78TH CONG. , 2D SESS.-CH. 454-SEPT. 30, 1944 insured's death, whichever is the later date, his insurance shall be deemed to be in force at the date of his death, and the unpaid premiums shall become a lien against the proceeds of his insurance: Provided, That if the'beneficiary be insane or a minor, proof of such facts may be filed within one year after removal of such legal disability." SEC. 4. Subsection (5) of section 602 (d) of the National Service Life Insurance Act of 1940 is hereby amended to read as follows: "(5) If any person deemed to have been issued insurance under sub- section (3) (A) or (B) hereof die without filing application and within the time limited therefor, death insurance benefits shall be payable in the manner and to the persons as stated in subsection (2): Provided, That no application for insurance payments under subsections (2) or (3) as hereby amended, shall be valid unless filed in the Veterans' Administration within five years after the date of death of the insured and the relationship and dependency of the applicant, where required as a basis for such claim, shall be proved as of date of death of insured by evidence satisfactory to the Administrator: And provided further, That persons shown by evidence satisfactory to the Administrator to have been mentally or legally incompetent at the time the right to apply for continuation of insurance or for death benefits expires, may make such application at any time within one year after the removal of such disability." SEc. 5. Section 602 (h) (1) of the National Service Life Insurance Act of 1940 is hereby amended by substituting a colon for the period at the end thereof and adding the following: "Provided, That the Administrator, under regulations to be promulgated by him, may include a provision in the insurance contract authorizing the insured or the beneficiary to elect in lieu of this mode of payment, a refund life income in monthly installments payable for such period certain as may be required in order that the sum of the installments certain, including a last installment of such reduced amount as may be neces- sary, shall equal the face value of the contract, less any indebtedness, with such payments continuing throughout the lifetime of such bene- ficiary: Provided further, That such optional settlement shall not be available in any case in which payments of insurance installments have been commenced prior to the date of this amendatory Act." SEC. 6 . Section 602 (h) (2) of the National Service Life Insur- ance Act of 1940 is hereby amended by substituting a colon for the period at the end thereof and adding the following: "Provided, That the Administrator, under regulations to be promulgated by him, may include a provision in the insurance contract authorizing the insured or the beneficiary to elect, in lieu of this mode of payment, a refund life income in monthly installments payable for such period certain as may be required in order that the sum of the install- ments certain, including a last installment of such reduced amount as may be necessary, shall equal the face value of the contract less any indebtedness with such payments continuing throughout the lifetime of such beneficiary: Provided further, That such optional settlement shall not be available in any case in which such settlement would result in payments of installments over a shorter period than one hundred and twenty months, nor in any case in which pay- ments of insurance installments have been commenced prior to the date of this amendatory Act." SEC. 7. Subsection (n) of section 602 of the National Service Life Insurance Act of 1940, as amended, is hereby amended as of October 8, 1940, by substituting a colon for the period at the end of the second proviso and inserting before the last sentence of said sub- 763 Insane or minor beneficiaries. 56 Stat. 658 . 38 U. S. C., Supp. III, § 802 (d) (5). Death insurance benefits. Ante, p . 762. Time limit for filing application. Incompetents 54 Stat. 1010 . 38U. .C. §802(h) (1). Optional settle- ment, beneficiaries under 30 years of age. 54 Stat. 1010. 38 U.S.C.§802(h) (2). Optional settle- ment, beneficiaries 30 or more years of age. 56 Stat. 68 . 38 U. s. C., Supp. m, 802 (n).

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