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50 U.S. Code § 3974 - Policies entitled to protection and lapse of policies

(a) Determination

The Secretary of Veterans Affairs shall determine whether a policy is entitled to protection under this subchapter and shall notify the insured and the insurer of that determination.

(b) Lapse protection

A policy that the Secretary determines is entitled to protection under this subchapter shall not lapse or otherwise terminate or be forfeited for the nonpayment of a premium, or interest or indebtedness on a premium, after the date on which the application for protection is received by the Secretary.

(c) Time application

The protection provided by this subchapter applies during the insured’s period of military service and for a period of two years thereafter.

(Oct. 17, 1940, ch. 888, title IV, § 404, as added Pub. L. 108–189, § 1, Dec. 19, 2003, 117 Stat. 2853.)
Editorial Notes

Section was formerly classified to section 544 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.

Prior Provisions

A prior section 404 of act Oct. 17, 1940, ch. 888, art. IV, 54 Stat. 1184; Oct. 6, 1942, ch. 581, § 13, 56 Stat. 775; Pub. L. 102–12, § 9(15), Mar. 18, 1991, 105 Stat. 40, related to restrictions on payment of dividends and insured’s right to change beneficiary, prior to the general amendment of this Act by Pub. L. 108–189. See section 3975 of this title.

Statutory Notes and Related Subsidiaries
Effective Date

Section applicable to any case not final before Dec. 19, 2003, see section 3 of Pub. L. 108–189, set out as a note under section 3901 of this title.