50a U.S. Code Rule - Protection of life insurance policy
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(a) Assignment of policy protected
If a life insurance policy on the life of a servicemember is assigned before military service to secure the payment of an obligation, the assignee of the policy (except the insurer in connection with a policy loan) may not exercise, during a period of military service of the servicemember or within one year thereafter, any right or option obtained under the assignment without a court order.
The prohibition in subsection (a) shall not apply—
(1) if the assignee has the written consent of the insured made during the period described in subsection (a);
(c) Order refused because of material affect
A court which receives an application for an order required under subsection (a) may refuse to grant such order if the court determines the ability of the servicemember to comply with the terms of the obligation is materially affected by military service.
(d) Treatment of guaranteed premiums
Source(Oct. 17, 1940, ch. 888, title III, § 306, as added Pub. L. 108–189, § 1,Dec. 19, 2003, 117 Stat. 2850; amended Pub. L. 111–275, title III, § 303(b)(6),Oct. 13, 2010, 124 Stat. 2878.)
A prior section 536, act Oct. 17, 1940, ch. 888, art. III, § 306, as added Oct. 6, 1942, ch. 581, § 12,56 Stat. 773, related to extension of benefits to dependents, prior to the general amendment of this Act by Pub. L. 108–189. See section 538 of this Appendix.
2010—Subsec. (e). Pub. L. 111–275amended subsec. (e) generally. Prior to amendment, subsec. (e) related to penalties.