65 STAT.]
PUBLIC LAW 23—APR. 25, 1951
37
directly from such fund. Appropriations to such fund are hereby Appropriations auauthorized. Except as herein provided, the provisions of this Act '^°"^*^other than those contained in section 621 shall be for application to such insurance: Provided, That as to insurance issued under this section waiver of premiums pursuant to section 602(n) shall not be ^u*s c"§802(n). denied on the ground that the service-connected disability became total prior to the effective date of such insurance. All persons granted indemnity protection under section 2 of the Servicemen's Indemnity Act of 1951 shall be deemed to be in the active service for the purpose ^n<«,p.33. of applying for insurance under this section: Provided, That as to Time limitation, persons incurring disability under the conditions stated in the last proviso of section 2 of the Servicemen's Indemnity Act of 1951, application for insurance must be filed within one year after the incurrence of such disability. "SEC. 621. (a) Any person entitled to indemnity protection under an^^*'^"^^**^ insursection 2 of the Servicemen's Indemnity Act of 1951 who is ordered Ake,v.^. into active service for a period exceeding thirty days, shall, upon application in writing made within one hundred and twenty days after separation from such active service and payment of premiums as hereinafter provided, and without medical examination, be granted insurance by the United States against the death of such person occurring while such insurance is in force. 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 on the five-year level premium term plan except (1) all such insurance may be rene'wed for successive five-year term periods at the attained ages, but may not be exchanged for or converted to insurance on any other plan; (2) 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; (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 issued hereunder shall be on a nonparticipating basis and all premiums and other collections i^evoivmgfund. therefor shall be credited to a revolving fund in the Treasury of the United States and the payments on such term insurance shall be made directly from such fund. Appropriations to such fund are hereby Appropriations auauthorized. ViionmA. " (b) The Administrator is authorized to invest in, and the Secre- cou'nT^orrevoTvilig tary of the Treasury is authorized to sell and retire, special interest- fund, bearing obligations of the United States for the account of the revolving fund with a maturity date as may be agreed upon by the Administrator and Secretary: Provided, That the rate of interest on such obligations shall be fixed by the Secretary of the Treasury at a rate not exceeding the average interest rate on all marketable obligations of the United States Treasury outstanding as of the end of the month preceding the date of issue of this special obligation. "SEC. 622. After the date of enactment of this section, any person waiver of premiwhile in active service for a continuous period in excess of thirty days who is insured under national service life insurance or United States Government life insurance shall be entitled, upon written application, to a waiver of all premiums on five-year level premium term insurance and that portion of any permanent insurance premiums representing the cost of the pure insurance risk, as determined by the Administrator, becoming due after the first day of the second calendar month following the date of enactment of this section, or the first day of the second calendar month following entry into active service, whichever is the later date, and during the remainder of such continuous active service and 120 days thereafter: Provided, That no
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