50a U.S. Code Rule - Definitions

prev | next
For the purposes of this title [sections 541 to 549 of this Appendix]:
(1) Policy
The term “policy” means any individual contract for whole, endowment, universal, or term life insurance (other than group term life insurance coverage), including any benefit in the nature of such insurance arising out of membership in any fraternal or beneficial association which—
(A) provides that the insurer may not—
(i) decrease the amount of coverage or require the payment of an additional amount as premiums if the insured engages in military service (except increases in premiums in individual term insurance based upon age); or
(ii) limit or restrict coverage for any activity required by military service; and
(B) is in force not less than 180 days before the date of the insured’s entry into military service and at the time of application under this title.
(2) Premium
The term “premium” means the amount specified in an insurance policy to be paid to keep the policy in force.
(3) Insured
The term “insured” means a servicemember whose life is insured under a policy.
(4) Insurer
The term “insurer” includes any firm, corporation, partnership, association, or business that is chartered or authorized to provide insurance and issue contracts or policies by the laws of a State or the United States.

Source

(Oct. 17, 1940, ch. 888, title IV, § 401, as added Pub. L. 108–189, § 1,Dec. 19, 2003, 117 Stat. 2851.)
Prior Provisions

A prior section 541, acts Oct. 17, 1940, ch. 888, art. IV, § 401,54 Stat. 1183; Oct. 6, 1942, ch. 581, § 13,56 Stat. 774; Pub. L. 102–12, § 9(12),Mar. 18, 1991, 105 Stat. 40, related to persons entitled to benefits of former article IV of this Act, applications, and amount of insurance protected, prior to the general amendment of this Act by Pub. L. 108–189. See section 542 of this Appendix.

The table below lists the classification updates, since , for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

50aa USCDescription of ChangeSession YearPublic LawStatutes at Large

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.