2015 US Code
Title 50 - War and National Defense (Sections 1 - 4705)
Chapter 50 - Servicemembers Civil Relief (Sections 3901 - 4043)
Subchapter IV - Life Insurance (Sections 3971 - 3979)
Sec. 3976 - Deduction of unpaid premiums
Publication Title | United States Code, 2012 Edition, Supplement 3, 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 CHAPTER 50 - SERVICEMEMBERS CIVIL RELIEF SUBCHAPTER IV - LIFE INSURANCE Sec. 3976 - Deduction of unpaid premiums |
Contains | section 3976 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Oct. 17, 1940, ch. 888, title IV, §406, as added Pub. L. 108-189, §1, Dec. 19, 2003, 117 Stat. 2853. |
Statutes at Large References | 54 Stat. 1184 56 Stat. 775 62 Stat. 160 117 Stat. 2853 |
Public and Private Laws | Public Law 108-189 |
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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 rateIf 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 requirementThe 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.)
CODIFICATIONSection was formerly classified to section 546 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.
PRIOR PROVISIONSA 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.
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