A bill to amend chapter 19 of title 38, United States Code, to permit the unrestricted assignment of a beneficiary's interest in the proceeds of a Government Life Insurance policy in cases involving contested claims.

Summary

Permits the assignment of all or part of the proceeds of a National Service life insurance policy (except for service disabled veterans), or a United States Government life insurance policy to a person other than certain relatives in cases involving disputes between two or more claimants if: (1) the insured designated the proposed assignee as the beneficiary; (2) the insured contracted with such assignee for such designation; or (3) the proposed assignee was named in a judicial order for such designation. Directs the designated contingent beneficiary to join in any such assignment, except in cases where the insurance proceeds are payable in a lump sum.

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1 official file

• Introduced in Senate

  summary · EN · 27 June 1980

  Open at official source

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