624 six·rY-n1GH·rn couennss. sm. 1. cH. 320. 1924. one year after such injury or avation was suffered or such death occurred or after the passage of this Act or whichever is the latest date. · I"‘“‘“°°°‘ Trrnn III.—INsUnANcn. mgsraiiliiamaégiwmti Sec. 300. That in order to give to every commissioned officer
- ’;_f,°' fg? lg and enlisted man and to every member of the Army Nurse Corps
tion., (female) and of the Navy Nurse Corps (female) when employed ,dY°]`4°’°‘4°°’°m°”d` in active service under the War Department or Nav?} Department
- "”‘·P·‘“· protection for themselves and their dependents, the mted_States,
upon application to the bureau and without_med1cal examination, shall grant insurance in such form or forms as is prescribed m section 301 hereof, against the death or total permanent disability of any such person in any multiple of $500, and not less than $1,000 or Tm",. 1. more than $10,000, upon the payment of the premiums as hereinafter provided. Such insurance must be applied or withm one hundred and twenty days after enlistment or ter entrance into or employ— ment in the active service and before discharge or resignation. B°"°°°°”l°°‘ The insurance shall be payable only to a spouse, child, grandchild, parent, brother, sister, uncle, aunt, nephew, niece, brother—in—law or sister-in—law, or to any or all of them, and also during total and per manent disability to the injured person. U£{§§"§§'§,¤,l{""° by The United States shall bear the expenses of administration and _ _ the excess mortality and disability cost resulting from the hazards Hmm ”‘“”‘ of war. The premium rates shall be the net rates based upon the American Experience Table of Mortality andinterest at 3% percentum er annum. m$§'§§§‘°" °f rm P Sec. 301. Not later than July 2, 1926. all term insurance held
b ersons who were in the military service after April 6, 1917,
' ° slirall) be converted, without medical examination, into such form or forms of insurance as may be prescribed by regulations and as the C°¤'°”*°¤’i¤”’*· insured may request. Regulations shall rovide for the right to convert into ordinary life, twenty-payment? life, endowment maturing at age sixty-two, and into other usual forms of insurance, and shall prescribe the time and method of payment of the premiums thereon, but payments of premiums in advance shall not be r uired for periods o more than one month each and may be deductgdl from the ay or deposit of the insured or be otherwise made at his election. ,,,§‘E,'}",,l§’;$'}‘§,‘§,‘,§f’° ‘° All term insurance shall cease on July 2, 1926, except when death or total permanent disability shall have occurred li)efore July 2, 1926. ,,}‘§§'{,§‘§?,§,b,{}"§*§,{‘"°d In case where an insured whose yearly renewable term insurance has matured by reason of total permanent disability is found and declared to be no longer permanently and totally disabled, and where the insured is required under regulations to renew payment of premiums on said term insurance, and where this contingency Rmwa, ,,,,,,0,.,w, is extended beyond the period during which said yearly renewable if¤<>1<>¤s<>r ¤i¤¤*>¤¤<i· term insurance otherwise must be converted, there shall be given such insured an additional period of two ears from the date on which he is required to renew payment ofy premiums in which to Option, lump gum convert said term insurance as hereinbefore provided. ae., payamae. ’ The bureau may make rovision in the contract for converted insurance for optional settlizments, to be selected by the insured, mm installment whereby such insurance may be made payable either in one sum or pestis. in mstallments for thirty-six months or more. The bureau may. also include in said contract a provision authorizing the beneficiary to elect to receive payment of the insurance in installments for thirty-six months or more, but onl if the insured has not exercised the right of election as hereinbefbre provided; and even though the insured may have exercised his right of election, the said contract
