FEDERAL · 50 U.S.C. · Chapter 50
Deduction of unpaid premiums
Current through Pub. L. 119-102
(a)Settlement of proceeds
If a policy matures as a result of a servicemember's death or otherwise during the period of protection of the policy under this subchapter, the insurer in making settlement shall deduct from the insurance proceeds the amount of the unpaid premiums guaranteed under this subchapter, together with interest due at the rate fixed in the policy for policy loans.
(b)Interest rate
If the interest rate is not specifically fixed in the policy, the rate shall be the same as for policy loans in other policies issued by the insurer at the time the insured's policy was issued.
(c)Reporting requirement
The amount deducted under this section, if any, shall be reported by the insurer to the Secretary of Veterans Affairs.
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50 U.S.C. § 3976 (Deduction of unpaid premiums) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Source Credit
History
(Oct. 17, 1940, ch. 888, title IV, §406, as added Pub. L. 108–189, §1, Dec. 19, 2003, 117 Stat. 2853.)
Editorial Notes
Editorial Notes
Codification
Section was formerly classified to section 546 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.
Prior Provisions
A prior section 406 of act Oct. 17, 1940, ch. 888, art. IV, 54 Stat. 1184; Oct. 6, 1942, ch. 581, §13, 56 Stat. 775; Apr. 3, 1948, ch. 170, §6, 62 Stat. 160, related to guaranty of premiums and interest by United States, settlement of amounts due upon expiration of protection, subrogation of United States, and crediting debt repayments, prior to the general amendment of this Act by Pub. L. 108–189. See section 3977 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.
Codification
Section was formerly classified to section 546 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.
Prior Provisions
A prior section 406 of act Oct. 17, 1940, ch. 888, art. IV, 54 Stat. 1184; Oct. 6, 1942, ch. 581, §13, 56 Stat. 775; Apr. 3, 1948, ch. 170, §6, 62 Stat. 160, related to guaranty of premiums and interest by United States, settlement of amounts due upon expiration of protection, subrogation of United States, and crediting debt repayments, prior to the general amendment of this Act by Pub. L. 108–189. See section 3977 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.