50a U.S. Code Rule - Deduction of unpaid premiums

(a) Settlement of proceeds
If a policy matures as a result of a servicemember’s death or otherwise during the period of protection of the policy under this title [sections 541 to 549 of this Appendix], the insurer in making settlement shall deduct from the insurance proceeds the amount of the unpaid premiums guaranteed under this title, together with interest due at the rate fixed in the policy for policy loans.
(b) Interest rate
If 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 requirement
The amount deducted under this section, if any, shall be reported by the insurer to the Secretary of Veterans Affairs.

Source

(Oct. 17, 1940, ch. 888, title IV, § 406, as added Pub. L. 108–189, § 1,Dec. 19, 2003, 117 Stat. 2853.)
Prior Provisions

A prior section 546, acts Oct. 17, 1940, ch. 888, art. IV, § 406,54 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 547 of this Appendix.

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50aa USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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