Page:United States Statutes at Large Volume 65.djvu/72

 38

PUBLIC LAW 24—APR. 25, 1951

mrat^oVbeneflK^^^"

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Arue,^.z%. Transfer of funds.

38u.^s.c!\'802(m) (2)Nonforfeiture.

54 Stat. 1013. 60 Stat• Si* ^^^' 38 U.S.C.i80inote; Sup. IV, §802.

rig^tT'^^*"*'""" °' Short title.

[65 STAT.

premium shall be waived under this section for any period prior to the date of application therefor: Provided, That if the term of any five-year level premium term insurance on which premiums have been waived under this section expires while the insured is in active service, such term shall be automatically renewed for an additional five-year period and the premiums due at the then attained age shall be waived as provided above: Provided further, That the election by an insured of the premium waiver benefits of this section shall thereby render his contract of insurance nonparticipating during the period such premium waiver is in effect: Provided further, That whenever benefits under such insurance become payable because of the maturity of such policy of insurance while the insured is in active service or within one hundred and twenty days thereafter, liability for payment of such benefits shall be borne by the United States in an amount which, when added to any reserve of the policy at the time of maturity, will equal the then value of such benefits under such policy. Where life contingencies are involved in the calculation of the value of such benefits, the calculation of such liability or liabilities shall be based upon such mortality table or tables as the Administrator may prescribe with interest at the rate of 214 per centum per annum as to insurance issued under sections 620 and 621, at the rate of 3 per centum per annum as to other national service life insurance, and 3^/2 per centum per annum as to United States Government life insurance. fpi-^g Administrator is authorized and directed to transfer from time to time from the national service life insurance appropriation to the National Service Life Insurance F u n d and from the military and naval insurance appropriation to the United States Government Life Insurance Fund such sums as may be necessary to carry out the provisions of this section." SEC. 11. The first sentence of section 602(m)(2) of the National Service Life Insurance Act of 1940, as amended, is hereby amended to read as follows: "(2) In any case in which the insured provided for the payment of premiums on his insurance by authorizing in writing the deduction of premiums from his service pay, such insurance shall be deemed not to have lapsed or not to have been forfeited because of desertion under section 612, so long as he remained in active service p r i o r to the date ^^ enactment of the Insurance Act of 1946, notwithstanding the fact that deduction of p r e m i u m s was discontinued because— u ^^^ |.jjg insured was discharged to accept a commission; or " (B) the insured w a s absent w i t h o u t leave, if restored to active d u t y: or " (C) the insured was sentenced by court martial, if he was restored to active duty, required to engage in combat, or killed in combat." SEC. 12. Nothing contained in part I or part II of this Act shall be construed to cancel or restrict any rights under insurance contracts issued on or prior to the date of this enactment. SEC. 13. This part may be cited as the "Insurance Act of 1951". Approved April 25, 1951.

Public Law 24 AprU25, 1951 [H- R- 2612]

CHAPTER

40

^^ ACT IJIQ authorize the Board of Commissioners of the District of Columbia to establish daylight saving t i m e in the District.

Be it enacted by the Senate and House of Representatives of the time?D.*c.*****^'°' United States of America in Congress assembled, That the Board of

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