50 U.S.C. § 3976 — Deduction of unpaid premiums
submitted 86 years ago by Pub. L. 108-189 to r/title-50-WAR-AND-NATIONAL-DEFENSE · 125 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
If a policy* matures as a result of a servicemember’s death or otherwise during the period of protection of the policy under this subchapter, the insurer* in making settlement shall deduct from the insurance proceeds the amount of the unpaid premiums guaranteed under this subchapter, together with interest due at the rate fixed in the policy for policy loans.
If the interest rate is not specifically fixed in the policy, the rate shall be the same as for policy loans in other policies issued by the insurer at the time the insured’s policy was issued.
The amount deducted under this section, if any, shall be reported by the insurer to the Secretary of Veterans Affairs.
Source credit: (Oct. 17, 1940, ch. 888, title IV, § 406, as added Pub. L. 108–189, § 1, Dec. 19, 2003, 117 Stat. 2853.)
- 1940Enacted · Pub. L. 108-189 · 117 Stat. 2853
A history note hasn’t been published yet. The record shows enactment by Pub. L. 108-189 on 1940-10-17.
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