2021 US Code
Title 50 - War and National Defense
Chapter 50 - Servicemembers Civil Relief
Subchapter IV - Life Insurance
Sec. 3977 - Premiums and interest guaranteed by United States
| 50 U.S.C. § 3977 (2021) |
| §3977. Premiums and interest guaranteed by United States |
|
(a) Guarantee of premiums and interest by the United States
(1) Guarantee
Payment of premiums, and interest on premiums at the rate specified in section 3976 of this title, which become due on a policy under the protection of this subchapter is guaranteed by the United States. If the amount guaranteed is not paid to the insurer before the period of insurance protection under this subchapter expires, the amount due shall be treated by the insurer as a policy loan on the policy. If, at the expiration of insurance protection under this subchapter, the cash surrender value of a policy is less than the amount due to pay premiums and interest on premiums on the policy, the policy shall terminate. Upon such termination, the United States shall pay the insurer the difference between the amount due and the cash surrender value. The amount paid by the United States to an insurer under this subchapter shall be a debt payable to the United States by the insured on whose policy payment was made. Such amount may be collected by the United States, either as an offset from any amount due the insured by the United States or as otherwise authorized by law. Such debt payable to the United States is not dischargeable in bankruptcy proceedings. Any amounts received by the United States as repayment of debts incurred by an insured under this subchapter shall be credited to the appropriation for the payment of claims under this subchapter. |
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(Oct. 17, 1940, ch. 888, title IV, §407, as added Pub. L. 108–189, §1, Dec. 19, 2003, 117 Stat. 2853.) |
| EDITORIAL NOTES
CODIFICATION
Section was formerly classified to section 547 of the former Appendix to this title prior to editorial reclassification and renumbering as this section. PRIOR PROVISIONSA prior section 407 of act Oct. 17, 1940, ch. 888, art. IV, 54 Stat. 1185; Oct. 6, 1942, ch. 581, §13, 56 Stat. 775; Pub. L. 85–857, §14(76), Sept. 2, 1958, 72 Stat. 1272; Pub. L. 102–12, §9(17), Mar. 18, 1991, 105 Stat. 40, related to regulations and finality of determinations, prior to the general amendment of this Act by Pub. L. 108–189. See sections 3978 and 3979 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. |
| United States Code, 2018 Edition, Supplement 3, Title 50 - WAR AND NATIONAL DEFENSE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 50 - WAR AND NATIONAL DEFENSE CHAPTER 50 - SERVICEMEMBERS CIVIL RELIEF SUBCHAPTER IV - LIFE INSURANCE Sec. 3977 - Premiums and interest guaranteed by United States |
| section 3977 |
| 2021 |
| January 3, 2022 |
| No |
| standard |
| 54 Stat. 1185 56 Stat. 775 72 Stat. 1272 105 Stat. 40 117 Stat. 2853 |
| Public Law 85-857, Public Law 102-12, Public Law 108-189 |
