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38 U.S.C. § 1950 — Payment to estates
Federal law — U.S. Code and appendices · legal_authorities
If no beneficiary of insurance is designated by the insured, either while alive or by last will, or if the designated beneficiary does not survive the insured, then there shall be paid to the estate of the insured the present value of the remaining unpaid monthly installments. If the designated beneficiary survives the insured and dies before receiving all of the installments of insurance payable and applicable, then there shall be paid to the estate of such beneficiary the present value of the remaining unpaid monthly installments. No payments shall be made to any estate which under the laws of the residence of the insured or the beneficiary, as the case may be, would escheat, but same shall escheat to the United States and be credited to the United States Government Life Insurance Fund.
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Source location: Title 38, Chapter 19, § 1950; chapter-019-insurance.md
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If no beneficiary of insurance is designated by the insured, either while alive or by last will, or if the designated beneficiary does not survive the insured, then there shall be paid to the estate of the insured the present value of the remaining unpaid monthly installments. If the designated beneficiary survives the insured and dies before receiving all of the installments of insurance payable and applicable, then there shall be paid to the estate of such beneficiary the present value of the remaining unpaid monthly installments. No payments shall be made to any estate which under the laws of the residence of the insured or the beneficiary, as the case may be, would escheat, but same shall escheat to the United States and be credited to the United States Government Life Insurance Fund.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Secretary may provide in insurance contracts for optional settlements, to be selected by the insured, whereby such insurance may be made payable either in one sum or in installments for thirty-six months or more. A provision may also be included in such contracts authorizing the beneficiary to elect to receive payment of the insurance in installments for thirty-six months or more, but only if the insured has not exercised the right of election as provided in this subchapter. Even though the insured may have exercised the right of election the beneficiary may elect to receive such insurance in installments spread over a greater period of time than that selected by the insured. Notwithstanding any provision to the contrary in any insurance contract, the beneficiary may, in the case of insurance maturing after September 30, 1981, and for which the insured has not exercised the right of election of the insured as provided in this subchapter, elect to receive payment of the insurance in one sum.
**(b)** Under such regulations as the Secretary may promulgate, the cash surrender value of any policy of insurance or the proceeds of an endowment contract which matures by reason of completion of the endowment period may be paid to the insured (1) in equal monthly installments of from thirty-six to two hundred and forty in number, in multiples of twelve; or (2) as a refund life income in monthly installments payable for such periods certain as may be required in order that the sum of the installments certain, including a last installment of such reduced amount as may be necessary, shall equal the cash value of the contract, less any indebtedness, with such payments continuing throughout the lifetime of the insured. However, all settlements under option (2) above shall
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Federal law — U.S. Code and appendices · legal_authorities
Page 522
TITLE 38—VETERANS’ BENEFITS
§ 1950
Editorial Notes
AMENDMENTS
2022—Pub. L. 117–313 amended section generally. Prior
to amendment, text read as follows: ‘‘Subject to regula-
tions, the insured shall at all times have the right to
change the beneficiary or beneficiaries of a United
States Government life insurance policy without the
consent of such beneficiary or beneficiaries.’’
1991—Pub. L. 102–83 renumbered section 749 of this
title as this section.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2022 AMENDMENT
Amendment by Pub. L. 117–313 applicable with re-
spect to the death of an insured person occurring on or
after the date that is two years before Dec. 27, 2022, see
section 3(c) of Pub. L. 117–313, set out as a note under
section 1917 of this title.
§ 1950. Payment to estates
If no beneficiary of insurance is designated by
the insured, either while alive or by last will, or
if the designated beneficiary does not survive
the insured, then there shall be paid to the es-
tate of the insured the present value of the re-
maining unpaid monthly installments. If the
designated beneficiary survives the insured and
dies before receiving all of the installments of
insurance payable and applicable, then there
shall be paid to the estate of such beneficiary
the present value of the remaining unpaid
monthly installments. No payments shall be
made to any estate which under the laws of the
residence of the insured or the beneficiary, as
the case may be, would escheat, but same shall
escheat to the United States and be credited to
the United States Government Life Insurance
Fund.
(Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1160, § 750;
Pub. L. 99–576, title VII, § 701(31), Oct. 28, 1986, 100
Stat. 3293; renumbered § 1950, Pub. L.
Source: Supplied 2024 U.S. Code historical extraction · 38 U.S.C. § 1950
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.