36 Insurance 1951.
PUBLIC LAW 23—APR. 25, 1951 Act
[65 STAT.
o PART II—PROVISIONS RELATING TO UNITED STATES GOVERNMENT L I F E f INSURANCE AND NATIONAL SERVICE L I F E INSURANCE
SEC. 10. The National Service Life Insurance Act of 1940, as amended, is hereby amended by adding the following new sections: "SEC. 619. On and after the date of enactment of the Insurance Act Post, p. 38. of 1951, except as otherwise provided in section 12 thereof, section 5 Ante, p. 34. of the Servicemen's Indemnity Act of 1951, and sections 620 and 621 hereof, no National Service life insurance or United States Government life insurance shall be granted to any person under the provisions of the National Service Life Insurance Act of 1940, as amended, 43 Stat. 607. 38 U.S.C.§421and or the World W a r Veterans' Act, 1924, as amended, nor shall any note; Sup, IV, § 430 et United States Government life insurance or National Service life seq. insurance, on which the United States is authorized by law to pay the premium, be issued or granted to any person under any provision of law, nor shall the United States pay premiums on insurance issued 55 Stat. 759; 56 Stat. prior to this enactment under the provisions of Public Law Numbered 310, 649, 737; 60 Stat. 1057. 289, Seventy-seventh Congress, November 5, 1941, Public Law Num34 U.S.C. §§ 841a note, 850a note, 1020 bered 571, Seventy-seventh Congress, June 5, 1942, Public Law Numnote; Sup. IV, §§ 61,bered 658, Seventy-seventh Congress, July 8, 1942, Public Law 405a, 850c-850k-2, 1020a-1020m, 1039, Numbered 698, Seventy-seventh Congress, August 4, 1942, Public Law 1045a; 10 U.S.C. §§ 1151, 299a-299e, Numbered 729, Seventy-ninth Congress, August 13, 1946, or any other 304b;Sup.IV, §§299b- law for any period subsequent to the end of the second calendar month 299<i, 304b. Applications, etc. following the date of this enactment: Provided, That the foregoing shall not be construed to prohibit the granting or issuing of National Service life insurance or United States Government life insurance in cases in which acceptable applications accompanied by proper and valid remittances or authorizations for the payment of premiums have, on or before the date of approval of this amendatory Act, been received by the Veterans' Administration, or which have, on or before said date, been placed in the mails properly directed to the Veterans' Administration, or been delivered to an authorized representative of any of the uniformed services. Service-connected "SEC. 620. Any person who is released from active service under disability. other than dishonorable conditions on or after the date of enactment of the Insurance Act of 1951, and is found by the Administrator to be suifering from a disability or disabilities for which compensation would be payable if 10' per centum or more in degree and except for which such person would be insurable according to the standards established by the Administrator for qualifying under the good health provisions of this Act, as amended, shall, upon application in writing made within one year from the date service connection of such disability is determined by the Veterans' Administration and payment of premiums as provided in this Act, as amended, be granted insurance by the United States against the death of such person occurring while such insurance is in force: Provided, That insurance granted under this section shall be issued upon the same terms and conditions as are contained in the standard policies of national service life insurance except (1) the premium rates for such insurance shall be based on the Commissioners 1941 Standard Ordinary Table of Mortality and interest at the rate of 2^4 per centum per annum; (2) all cash, loan, paid-up, and extended values shall be based upon the Commissioners 1941 Standard Ordinary Table of Mortality and interest at the rate of 2^4 per centum per annum; (3) all settlements on policies involving annuities shall be calculated on the basis of The Annuity Table for 1949, and interest at the rate of 21/4 per centum per annum; (4) insurance granted under the provisions of this section shall be on a nonparticipating basis and all premiums and other collections therefor shall be credited directly to a revolving fund in the Treasury of the United States, and any payments on such insurance shall be made 54 Stat. 1008. 38 U.S.C. § 818; Sup. IV, § 802 et seg.
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