For the purposes of this title [sections
549 of this Appendix]:
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.
The term “premium” means the amount specified in an insurance policy to be paid to keep the policy in force.
The term “insured” means a servicemember whose life is insured under a policy.
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.
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 Jan. 3, 2012, 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 Wednesday, June 5, 2013
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Description of Change
Statutes at Large
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