Veterans' Insurance Act

Summary

Veteran's Insurance Act - Provides that all premiums and other collections on the Veterans' Special Life Insurance and any total disability provisions added thereto shall be credited to a revolving fund in the Treasury of the United States which together with interest earned thereon, shall be available for the payment of liabilities under such insurance and any total disability provisions added thereto, including payments of dividends and refunds of unearned premiums. Expands the term "member" for purposes of the Servicemen's Group Life Insurance program to include specified members of the Reserves and the National Guard. Provides that the maximum amount of benefits payable under the Servicemen's Group Life Insurance shall be $20,000. Permits any former member insured under Veteran's Group Life Insurance who again becomes eligible for Servicemen's Group Life Insurance and declines such coverage solely for the purpose of maintaining his Veteran's Group Life Insurance in effect shall upon termination of coverage under Veterans' Group Life Insurance be automatically insured under Servicemen's Group Life Insurance. Provides for the automatic conversion of Servicemen's Group Life Insurance to Veterans' Group Life Insurance subject to specified condtion. Redefines the order of precedence to be followed in the payment of insurance to beneficiaries under the Servicemen's Group Life Insurance and the Veterans' Group Life Insurance. Provides that Veterans' Group Life Insurance shall be issued in the amount of $5,000, $10,000, $15,000 or $20,000 only. States that no person may carry a combined amount of Servicemen's Group Life Insurance and Veterans' Group Life Insurance in excess of $20,000 at any one time. Sets forth the risks and conditions of the Veterans' Group Life Insurance plan. Sets forth the procedure for the computation and collection of premiums for such plan.

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Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 1 March 1974

  Open at official source

• Introduced in Senate

  summary · EN · 16 May 1973

  Open at official source

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