88 STAT. ]
PUBLIC LAW 93-289-MAY 24, 1974
165
Public Law 93-289 AN ACT To amend title 38, United States Code, to increase the maximum amount of Servicemen's Group Life Insurance to $20,000, to provide full-time coverage thereunder for certain members of the Reserves and National Guard, to authorize the conversion of such insurance to Veterans' Group Life Insurance, to authorize allotments from the pay of members of the National Guard of the United States for group life insurance premiums, and for other purposes.
May 24, 1974 [H. R.6574]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may veterans- insurbc cited as the "Veterans' Insurance Act of 1974". ^"3" us^c'723 SEC. 2. (a) That section 723 of title 38, United States Code, is note. amended as follows: (1) The catchline is amended to read as follows: "Veterans' Special Life Insurance". (2) Clause (4) of subsection (a) is amended to read as follows: "(4) all premiums and other collections on such insurance and any total disability provisions added thereto shall be credited to a revolving fund in the Treasury of the United States, which, together with interest earned thereon, shall be available for the payment of liabilities under such insurance and any total disability provisions added thereto, including payments of dividends and refunds of unearned premiums". (3) Clause (5) of subsection (b) is amended to read as follows: " (5) all premiums and other collections on insurance issued under this subsection and any total disability income provisions added thereto shall be credited directly to the revolving fund referred to in subsection (a) of this section, which together with interest earned thereon, shall be available for the payment of liabilities under such insurance and any total disability provisions added thereto, including payments of dividends and refunds of unearned premiums". (4) Subsections (d) and (e) are hereby repealed. Repeals, (b) The analysis of chapter 19 of title 38, United States Code, is amended by deleting "723. Veterans' special term insurance."
and inserting in lieu thereof the following: "723. Veterans' Special Life Insurance.". SEC. 3. Clause (5) of section 765 of title 38, United States Code, is amended to read as follows: "(5) The term 'member'means— " (A) a person on active duty, active duty for training, or inactive duty training in the uniformed services in a commissioned, warrant, or enlisted rank, or grade, or as a cadet or midshipman of the United States Military Academy, United States Naval Academy, United States Air Force Academy, or the United States Coast Guard Academy; " (B) a person who volunteers for assignment to the Ready Reserve of a uniformed service and is assigned to a unit or position in which he may be required to perform active duty, or active duty for training, and each year will be scheduled to perform at least twelve periods of inactive duty training that is creditable for retirement purposes under chapter 67 of title 10; " (C) a person assigned to, or who upon application would be eligible for assignment to, the Retired Reserve of a uniformed service who has not received the first increment of
"Member."
10 USC 1331.
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