Each veteran is entitled to one hundred dollars for each month or any part of a month for qualifying service. The total compensation paid to any veteran for qualifying service under this chapter may not exceed one thousand dollars, except as provided in this section and section 37-27-03. If the veteran received a purple heart for qualifying service, the veteran is entitled to a payment of two thousand five hundred dollars in lieu of monthly payments for adjusted compensation. If the veteran is deceased, the veteran’s beneficiary is entitled to any payments under this chapter to which the veteran would have been entitled. Applications may be filed with the adjutant general after July 1, 1993, but not later than December 31, 1994.