Page:United States Statutes at Large Volume 54 Part 1.djvu/1043

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.


54 STAT.] 76THI CONG. , 3D SESS.- CH. 757-OCT. 8 , 1940 (c) The term "active service" means active service in the land or naval forces (including the Coast Guard) of the United States and service in the land or naval forces of the United States under the Selective Training and Service Act of 1940, but the service of any person ordered to active duty in any such force for a period of thirty days or less, shall not be deemed to be active service in such force during such period; (d) The term "insurance" means National Service Life Insurance; (e) The term "child" includes an adopted child. SEC. 602. (a) Every person who is commissioned and hereafter ordered into, or who is hereafter examined, accepted, and enrolled in, the active service and while in such active service shall, upon appli- cation in writing (made within one hundred and twenty days after entrance into such active service) and payment of premiums as here- inafter provided and without further medical examination, be granted insurance on the five-year level premium term plan by the United States against the death of such person occurring while such insurance is in force. (b) Any person who is released from active service within one hundred and twenty days after such enrollment shall be granted such insurance upon application therefor in writing (made within one hundred and twenty days after a subsequent enrollment or entrance into active service and before discharge or resignation therefrom), and upon payment of premiums and evidence satisfactory to the Administrator showing such person to be in good health at the time of such application. (c) Any person upon reenlistment or reentrance into or reemploy- ment in active service and before discharge or resignation therefrom and any person in the active service upon discharge to accept a com- mission and before resignation therefrom, shall be granted such insurance upon application therefor in writing (made within one hundred and twenty days following such reenlistment, reentrance, reemployment, or discharge to accept a commission), and upon pay- ment of premiums and evidence satisfactory to the Administrator showing such person to be in good health at the time of such application. (d) Any person who has been commissioned, or examined, accepted, and enrolled, in the active service and is in such active service on the date of enactment of this Act shall be granted such insurance upon application therefor in writing (made within one hundred and twenty days after the (late of enactment of this Act and before discharge or resignation from such active service), and upon payment of premiumns and evidence satisfactory to the Administrator showing such person to be in good health at the time of such application. (e) The premium rates for such insurance shall be the net rates based upon the American Experience Table of Mortality and interest at the rate of 3 per centum per annum. All cash, loan, paid up, and extended values, and all other calculations in connection with such insurance, shall be based upon said American Experience Table of Mortality and interest at the rate of 3 per centum per annum. (f) Such insurance shall be issued upon the five year level premium term plan, with the privilege of conversion as of the date when any premium becomes or has become due, or exchange as of the date of the original policy upon payment of the difference in reserve, at any time after such policy has been in effect for one year and within the five year term period, to policies of insurance upon the following plans: Ordinary life, twenty payment life, thirty payment life. All five year level premium term policies shall cease and terminate at the expiration of the five year term period. Provisions for cash, loan, 193470°-41 -PT . I 64 1009 " Active service. " Ante, p. 885 . "Insurance." "Child." Persons eligible for such insurance. Persons released from active service. Reenlistment, etc. Persons in active service on dute of en- actment ofthis Act. Premium rates. Issuance upon term plan; conversion.