Page:United States Statutes at Large Volume 84 Part 1.djvu/389

 84 STAT. ]

PUBLIC LAW 91-291-JUNE 25, 1970

331

" (f) Notwithstanding the provisions of any other law, payment of Jf^r'^/JoV" matured Servicemen's Group Life Insurance benefits may be made '"""^ directly to a minor widow or widower on his or her own behalf, and payment in such case shall be a complete acquittance to the insurer. " (g) Payments of benefits due or to become due under Servicemen's fr<^"ax"uon^eu:* Group Life Insurance made to, or on account of, a beneficiary shall be exempt from taxation, shall be exempt from the claims of creditors, and shall not be liable to attachment, levy, or seizure by or under any legal or equitable process whatever, either before or after receipt by the beneficiary. The preceding sentence shall not apply to (1) collection of amounts not deducted from the member's pay, or collected from him by the Secretary concerned under section 769(a) of this title, (2) levy '*"'°' P* ^^^• under subchapter D of chapter 64 of the Internal Revenue Code of 1954 SSA Stat. 783; (relating to the seizure of property for collection of taxes), and (3) the ^°26 USC 633*1taxation of any property purchased in part or wholly out of such 6344. payments." SEC. 6. Section 774 of title 38, United States Code, is amended by 79 Stat. sss. inserting after "the Secretary of Health, Education, and Welfare," the following: "the Secretary of Transportation,". SEC. 7. The analysis of subchapter III of chapter 19 of title 38, United States Code, is amended by striking therefrom "768. Termination of coverage; conversion"

and inserting in lieu thereof the following: "768. Duration and termination of coverage; conversion".

SEC. 8. The third sentence of section 705 of title 38, United States Li?e^"ns"under'" Code, is amended by striking out "lapse occurred not earlier than two 72 Stat.Ms'. months before the expiration of the term period" and inserting in lieu thereof "insured makes application for reinstatement and renewal of his term policy within five years after the date of lapse". SEC. 9. Section 707 of title 38, United States Code, is amended by Dividends. cash Request for inserting " (a) " before the word "Until" and adding a new subsection payment (b)asfollows: 72 Stat. 1149. "(b) No claim by an insured for payment in cash of a special dividend declared prior to January 1, 1952, shall be processed by the Veterans' Administration unless such claim was received within six years after such dividend was declared. Whenever any claim for payment of a special dividend, the processing of which is barred by this subsection, is received in the Veterans' Administration, it shall be returned to the claimant, with a copy of this subsection, and such action shall be a complete response without further communication." SEC. 10. Section 717 of title 38, United States Code, is amended (a) ancfprocee"dT' by substituting a period for the comma after the word "beneficiary" ^ Method'^of paVin the last sentence of subsection (c) and striking the remainder of '"^"*the sentence, and (b) by adding at the end thereof the following new ^^ ^*^'* ^^^^° subsection: "(e) Under such regulations as the Administrator may promulgate, the cash surrender value of any policy of insurance or the proceeds of an endowment contract which matures by reason of completion of the endowment period may be paid to the insured under option (2) or (4) of this section. All settlements under option (4), however, shall be calculated on the basis of The Annuity Table for 1949. If the option selected requires payment of monthly installments of less than $10, the amount payable shall be paid in such maximum number of monthly installments as are a multiple of twelve as will provide a monthly installment of not less than $10." SEC. 11. Section 745 of title 38, United States Code, is amended to n^e^fLPfeTnTJ^. read as follows: ance.

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