§ 3976. Deduction of unpaid premiums
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/usc/title-50/section-3976A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
(Oct. 17, 1940, ch. 888, title IV, § 406, as added Pub. L. 108–189, § 1, Dec. 19, 2003, 117 Stat. 2853.)
Connections4 cite this · traces to 2
Cited by 4 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
- Apr. 3, 1948, ch. 170, § 6
- 62 Stat. 160
- Pub. L. 108–189
- section 3 of Pub. L. 108–189
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§ 3976
Deduction of unpaid premiums
Stat. Comp.×2
U.S.C.×2
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 4 across 2 sources