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38 U.S.C. § 1944 — Policy provisions

submitted 68 years ago by Pub. L. 85-857 to r/title-38-VETERANS-BENEFITS · 161 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section addresses Policy provisions. Its text sets out the provisions for that subject.

(a) Provisions for maturity at certain ages, for continuous installments during the lifetime of the insured or beneficiaries, or both, for refund of premiums, cash, loan, paid-up and extended values, dividends from gains and savings, and such other provisions for the protection and advantage of and for alternative benefits to the insured and the beneficiaries as may be found to be reasonable and practicable may be provided for in insurance contracts or from time to time by regulations. (b) All calculations on insurance is based upon the American Experience Table of Mortality and interest at 3½ percent per annum, except that no deduction is made for continuous installments during the life of the insured in case the insured’s total and permanent disability continues more than two hundred and forty months. (c) On and after July 19, 1939 , the rate of interest charged on any loan secured by a lien on insurance must not exceed 5 percent per annum.
the actual law source: uscode.house.gov ↗public domain
(a)

Provisions for maturity at certain ages, for continuous installments during the lifetime of the insured or beneficiaries, or both, for refund of premiums, cash, loan, paid-up and extended values, dividends from gains and savings, and such other provisions for the protection and advantage of and for alternative benefits to the insured and the beneficiaries as may be found to be reasonable and practicable may be provided for in insurance contracts or from time to time by regulations.

(b)

All calculations on insurance shall be based upon the American Experience Table of Mortality and interest at 3½ percent per annum, except that no deduction shall be made for continuous installments during the life of the insured in case the insured’s total and permanent disability continues more than two hundred and forty months.

(c)

On and after July 19, 1939, the rate of interest charged on any loan secured by a lien on insurance shall not exceed 5 percent per annum.

Source credit: (Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1158, § 744; Pub. L. 97–295, § 4(26), Oct. 12, 1982, 96 Stat. 1307; Pub. L. 99–576, title VII, § 701(30), Oct. 28, 1986, 100 Stat. 3293; renumbered § 1944, Pub. L. 102–83, § 5(a), Aug. 6, 1991, 105 Stat. 406.)

history & why it existsrecord from the source credit
  • 1958Enacted · Pub. L. 85-857 · 72 Stat. 1158
  • 1982Amended · Pub. L. 97-295 · 96 Stat. 1307
  • 1986Amended · Pub. L. 99-576 · 100 Stat. 3293
  • 1991Amended · Pub. L. 102-83 · 105 Stat. 406

A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-857 on 1958-09-02.

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