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