2010 US Code
Title 50 - WAR AND NATIONAL DEFENSE
TITLE 50 - APPENDIX-WAR AND NATIONAL DEFENSE
SERVICEMEMBERS CIVIL RELIEF ACT
Sec. 545 - Policy restrictions
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 4, Title 50 - WAR AND NATIONAL DEFENSE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 50 - WAR AND NATIONAL DEFENSE TITLE 50 - APPENDIX-WAR AND NATIONAL DEFENSE SERVICEMEMBERS CIVIL RELIEF ACT ACT OCT. 17, 1940, CH. 888, 54 STAT. 1178 TITLE IV - LIFE INSURANCE Sec. 545 - Policy restrictions |
Contains | section 545 |
Date | 2010 |
Laws in Effect as of Date | January 7, 2011 |
Positive Law | No |
Disposition | standard |
Source Credit | Oct. 17, 1940, ch. 888, title IV, §405, as added Pub. L. 108-189, §1, Dec. 19, 2003, 117 Stat. 2853. |
Statutes at Large References | 54 Stat. 1178, 1184 56 Stat. 775 105 Stat. 40 117 Stat. 2853 |
Public Law References | Public Law 102-12, Public Law 108-189 |
§545. Policy restrictions (a) Dividends
While a policy is protected under this title [sections 541 to 549 of this Appendix], 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 restrictionsWhile a policy is protected under this title [sections 541 to 549 of this Appendix], 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 title.
(Oct. 17, 1940, ch. 888, title IV, §405, as added Pub. L. 108–189, §1, Dec. 19, 2003, 117 Stat. 2853.)
Prior ProvisionsA prior section 545, acts Oct. 17, 1940, ch. 888, art. IV, §405, 54 Stat. 1184; Oct. 6, 1942, ch. 581, §13, 56 Stat. 775; Pub. L. 102–12, §9(16), Mar. 18, 1991, 105 Stat. 40, related to deduction of unpaid premiums upon settlement of policies maturing during protection, prior to the general amendment of this Act by Pub. L. 108–189. See section 546 of this Appendix.
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