§3974 — Title 50 War and National Defense | U.S. Code

Summary

The Secretary of Veterans Affairs must decide if an insurance policy qualifies for protection and must tell both the insured person and the insurer. If a policy is protected, it cannot end, lapse, or be taken away for not paying a premium, interest, or premium debt from the day the Secretary receives the protection application, and the protection lasts during the person’s military service and for two years after.

Title 50, §3974

War and National Defense — Source: USLM XML via OLRC

(a)The Secretary of Veterans Affairs shall determine whether a policy is entitled to protection under this subchapter and shall notify the insured and the insurer of that determination.

(b)A policy that the Secretary determines is entitled to protection under this subchapter shall not lapse or otherwise terminate or be forfeited for the nonpayment of a premium, or interest or indebtedness on a premium, after the date on which the application for protection is received by the Secretary.

(c)The protection provided by this subchapter applies during the insured’s period of military service and for a period of two years thereafter.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was formerly classified to section 544 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.

Prior Provisions

A prior section 404 of act Oct. 17, 1940, ch. 888, art. IV, 54 Stat. 1184; Oct. 6, 1942, ch. 581, § 13, 56 Stat. 775; Pub. L. 102–12, § 9(15), Mar. 18, 1991, 105 Stat. 40, related to restrictions on payment of dividends and insured’s right to change beneficiary, prior to the general amendment of this Act by Pub. L. 108–189. See section 3975 of this title.

Statutory Notes and Related Subsidiaries

Effective Date

Section applicable to any case not final before Dec. 19, 2003, see section 3 of Pub. L. 108–189, set out as a note under section 3901 of this title.

§3974 Policies Entitled to Protection and Lapse of Policies