§ 3975. Policy restrictions
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/usc/title-50/section-3975·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Dividends While a policy is protected under this subchapter, a dividend or other monetary benefit under a policy may not be paid to an insured or used to purchase dividend additions without the approval of the Secretary of Veterans Affairs. If such approval is not obtained, the dividends or benefits shall be added to the value of the policy to be used as a credit when final settlement is made with the insurer.
(b)Specific restrictions While a policy is protected under this subchapter, cash value, loan value, withdrawal of dividend accumulation, unearned premiums, or other value of similar character may not be available to the insured without the approval of the Secretary. The right of the insured to change a beneficiary designation or select an optional settlement for a beneficiary shall not be affected by the provisions of this subchapter.
(Oct. 17, 1940, ch. 888, title IV, § 405, as added Pub. L. 108–189, § 1, Dec. 19, 2003, 117 Stat. 2853.)
Connections3 cite this · traces to 2
Cited by 3 sections
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11 references not yet in our index
- Oct. 17, 1940, ch. 888
- Pub. L. 108–189, § 1
- 117 Stat. 2853
- act Oct. 17, 1940, ch. 888
- 54 Stat. 1184
- Oct. 6, 1942, ch. 581, § 13
- 56 Stat. 775
- Pub. L. 102–12, § 9(16)
- 105 Stat. 40
- Pub. L. 108–189
- section 3 of Pub. L. 108–189
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§ 3975
Policy restrictions
Stat. Comp.×2
U.S.C.×1
ActOct. 17, 1940, ch. 888
Pub. L.Pub. L. 108–189, § 1
Stat.117 Stat. 2853
Actact Oct. 17, 1940, ch. 888
Stat.54 Stat. 1184
Cites 13 · showing 7Cited by 3 across 2 sources