e 3225 . TITLE 38.--e·PE1§§IOL’S, BON Ut . Pear III.·e-INSURANCE ‘ J, 511. Person; entitled te; ameimte; time for epplieykition .for§ to whed payable; expnse of ; premien rates.——#Ine order to giye to every commissioned e@eer° and eelieted. man and-toeyery member of the AI‘l£Y`NU1'S& Corps (female) endo of me Navy N urse Germ (female) when employed in active service vunder the wer Department or NavyiDep‘ertment protection for them-· selves arid their dependents, the? United Stated, upon applieaé tion toythebereeu arid without medical eieminetiou, shell 'grant United Stated Government life insurgnce_(_conyerted, insurance) ageieet death or total permanent disability of any suéh persoe in any multipleof $500; end not less then $1,000 or more _ than $10,000, upon the payment of thepremiume as hereinafter · provided. Such `lnsm·ene_e— mustjbe applied for within one W hundred and twentyxdaye efterl enlistment »or nfter entrance into or- employment in ‘ the active service and before discharge orneslgnetion. ._ · ~· . i · —- Q · I The y_ umhce shall,be;puyable`only to a spouse, child, grandchild, rent, brother,‘_sisterQ gmele, aunt, nephew; nieceQ brotherin-iew sieterelndew, or to any or all or theg, and zelso during tote! e. permanent disability to the injhred person, — _ _ Wher a beoedciuryiet the time of dwiguation by the insured is within the permitted class of . benedeieriee and; ie the; designated benedciery. nt: the time of the maturity of the insnirzmce because of the delth of the insured, `sucli beuedeiary shall be deemed to be within the permitted lclass `even though the etatngs of such beuedciary shall heve been changed. _ "_` _ '_ _ The United shall beer the expenses of administration edd the etceés mortality and disability cost resulting from _ the hazards Tot war. he premimn rates shall be `the .uet "rates based upon the American Exmrience Table of Mortality and interw at 3%Jper· centum per ennum. This section. shall be deemed to be in effect es otluue 7,1924. - (June 7, 1924, 'c. 320, ‘§ 3,00, 43‘Stnt. @4; Marge, 19%, c. 553,·§·12,_43 Stat. 1308.)“‘ 512. Term when terminated; conversion to elected
paynent.-—¢Not lever than Joly 2, .1926, all term memence held by pereensi who vyere in the military service after
April 6,1917, shell; he converted, without medical examination-, inte meh tom or terms et insurance nslmey be prescribed by remtlooe and no the insured may request. Regulations ehdll provide for the right to convert into ordino.ry‘ life, twénty·—pey- ment life, endowment maturing at age sixty-two, and into other new forms or `mgeneee, eee emu; prescribe me time mm method of payment of the premiums thereon, » but payments oi premiums in advahce shall not be reqhlrw for periods ot more than one month meh and .mey be. deducted from the pey or deposit of the iuemed Q1‘·bBi0ui1€lYWi§6' mode at his election. _ All term` insurance shell on July 2, 1926, except when dmth or total permanent disability shall have occurred before Juli 2, 1926; ·— I _ _ _ . ~ · ` In ease véhere an insured whose yearlyireneyvable terrn insoreuee has matured by reason' of tota1‘ permanent disability is found end. declared to be no longer permanently and totally disabled, and where the insured is required under regulations to renew payment of prewiums on sold ·term irieurence; and where this contiugeucyde extended beyond the period during U which eoid ymrly renewable term insurance otherwiee must be eonverted, there shell be 'given such insured eu udditionzxl period of two ywre from the deteon which he is required jtc p reeew -my{mgent oi premiome in which to convert osaid term dneumnee ine hereiuhefore provided. _ ¤ Q ‘ I _ y - The insurance except ee provided hereie shall be payable iu · two hundred endforty eqnfel monthly i@llmmte. Provisions for·_matt1rity'at certain agen; for <!0Dti¤l10U$.iRBte&llm€Ht§ durieg the lite ot the insured or heoedcieriee, .012, both, for cash, loah, paid-up and extended velua; diqideodi tw (elm and
ms, un _VE1jER4NS‘ RELIBZ .~ § 513-
Sarings, and such other provisions for the protection . and nd- I
vantage ot and for alternative benefits to the insured and the benencinries as may be found to be reasonable nndprecticeble, · ·may bef provided for in the contrnct of inenrnnce, or from time to-time by regulations. All calculations shnllbe based upon the Ame1‘icnn`Experience Table of Mortality and interest at 3% per centnm per nnnum, except that no dednction shell be znede for `
- i continuous installments durifig the life of the insured in case
his 'total. fend permanent disability continues; rnore than two` U hundred and forty ·inont§hs.' Subject to regulations, the insured ~ shallat all times hare the right to; chenge the benericinry or beneticiaries without the consent ofsnch benedciary or benetié ciaries, but only within the glesws herein provided. _` _. It no beneficiary within the permitted class be designated by the inenred ns heneiicinry for eonverted~inenrei»ee‘grented’nn—; der the provisionsof Article IV ot the War Risk, Insurance Act, October 16,11911, chapter 105, Fortieth Statutes, pages 409 and ’ 410; or Part_'1II of this chapter, either in his lifetime or by his last will and testament, or lf the designated beneficiary does not survirenthe insured, then there shall be paid to the estate of the insured the present velne of fthe remaining nnpoid 'monthly .inetellinents';' or lit the designated be@cinry mnives the in· _ ptired and dim before receiving ”nll_ of the imtnllments ot converted insurance payable and · applicable, then; there shall be paid to theestate otleneh benenciaryt the preewt valne oi-the _ remaining, unpaid monthly inetellmentez Procided, That no 3, ». payments shall be madento tiny estate vyTil&f the legrspf the residence ‘ of. the insured; or the gbepehcinry, as the cake _ may he, would escheat, but Seine shall eschwt to the United i States °and be credited to the Uni@~ States Government life insurance fund. , ’ ·_ . j _ - _ ‘ ·. ‘ The bnrean·may` mnke provision ln the contact for converted insurance for optional settlements, to be selectcxl by the in— sured; whereby oueh insurance may be mode payable either in one sum or; in installinente for thirty-six months or more. The bureau pay, also include in sold contract or precision enthorizt ing the beneficiary to elect £o receive payment of the insurance ‘ in installments for thirty-slx months; or more, bnt GRI! .i£_‘ the r insured has not exercised the right or election as herelnbefore ’ provided} ond even thongh the · insnred mey have exercised . his right of election. the said contract iney` euthorize the berm- _ · Hciary to elect receive such insurance spread
- over a greater period of time then that selected e the insured;
» This` section shell bekleerned to be in efect as oI_Jnne_7, 1924. ? (June 7, 1924, c. 320, § 301, 43 Stat. 624.;_.Mn1·.‘4, 1925, e. 553, =§13,‘$3Stet.1309.). · .»· -. ’ *513. Liability of United States for matured converted insernnce: funds usable for payment of; reserye f¤ndr———=—-Whenever _ i lbeneilts under United States Government 'life insurance (cone verted insurance)? become, or have become; pnyuble because of _ ~ totnl pernienent disability of the insnrm or because of the · deéthiof the msureolag a result of disease er injury ·trzu·enl»lo
- to the extra hazard of the xniliteryor never service, ae such
- hnznrd n€uofbe deterniined by_the`director, the liebitity shall i
s borne by the United `Stetes, `and. the director ie "euthiorized end l directed to transfer from the military and naval insurance env
- proptrietion to the United States Government life insurance fund
- - aj sum which, together witlrthe reserve of the policy nt the time e
l" of maturityby total permenent disability or death, x€·ill` equal • U the then vnlne of such `benedts. When, n person. receiving totaly n permanent diéability benefits undern United Stntes*Gover¤1niczit llie policy (converted policy), recovers from such disability, n" and is then entitled to continue a. reduced emountof insurxanw, s the director is enthorizedend directed to transfer to.t.he`1ni}i-· » tary and navel insurance eppropriation allot the lose reeoawze , to the credit of mich policy claini except ok gum sueicient to net l up the thenrequired rmwve on the reduced amount of the in—-
