50 USC 3972 – Insurance rights and protections
(a) Rights and protections
The rights and protections under this subchapter apply to the insured when—
(1) the insured,
(2) the insured’s legal representative, or
(3) the insured’s beneficiary in the case of an insured who is outside a State,
applies in writing for protection under this subchapter, unless the Secretary of Veterans Affairs determines that the insured’s policy is not entitled to protection under this subchapter.
(b) Notification and application
Terms Used In 50 USC 3972
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7
- writing: includes printing and typewriting and reproductions of visual symbols by photographing, multigraphing, mimeographing, manifolding, or otherwise. See 1 USC 1
The Secretary of Veterans Affairs shall notify the Secretary concerned of the procedures to be used to apply for the protections provided under this subchapter. The applicant shall send the original application to the insurer and a copy to the Secretary of Veterans Affairs.
(c) Limitation on amount
The total amount of life insurance coverage protection provided by this subchapter for a servicemember may not exceed $250,000, or an amount equal to the Servicemember’s Group Life Insurance maximum limit, whichever is greater, regardless of the number of policies submitted.