38 U.S.C. § 1941 — Amount of insurance

Page 518 TITLE 38—VETERANS’ BENEFITS § 1929 retary determines that the payment of such in- terest is administratively and actuarially sound for the settlement option involved. (2) Interest paid under subsection (a) of this section shall be at the rate that is established by the Secretary for dividends held on credit or deposit in policyholders’ accounts under the in- surance program involved. (Added Pub. L. 100–687, div. B, title XIV, § 1401(a)(1), Nov. 18, 1988, 102 Stat. 4128, § 728; re- numbered § 1928 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 Stat. 404–406.) Editorial Notes AMENDMENTS 1991—Pub. L. 102–83 renumbered section 728 of this title as this section and substituted ‘‘Secretary’’ for ‘‘Administrator’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 100–687, div. B, title XIV, § 1401(a)(3), Nov. 18, 1988, 102 Stat. 4129, provided that: ‘‘The amendments made by this subsection [enacting this section and sec- tion 763 [now 1963] of this title] shall take effect with respect to insurance policies maturing after the date of the enactment of this Act [Nov. 18, 1988].’’ § 1929. Authority to adjust premium discount rates (a) Notwithstanding sections 1902, 1923, and 1925 of this title and subject to subsection (b) of this section, the Secretary may from time to time adjust the discount rates for premiums paid in advance on National Service Life Insur- ance, Veterans’ Special Life Insurance, and Vet- erans Reopened Insurance. (b)(1) In adjusting a discount rate pursuant to subsection (a) of this section, the Secretary may not set such rate at a rate lower than the rate authorized for the program of insurance in- volved under section 1902, 1923, or 1925 of this title. (2) The Secretary may make an adjustment under subsection (a) of this section only if the Secretary determines that the adjustment is ad- ministratively and actuarially sound for the program of insurance involved. (Added Pub. L. 100–687, div. B, title XIV, § 1401(b)(1), Nov. 18, 1988, 102 Stat. 4129, § 729; re- numbered § 1929 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 404–406.) Editorial Notes AMENDMENTS 1991—Pub. L. 102–83, § 5(a), renumbered section 729 of this title as this section. Pub. L. 102–83, § 5(c)(1), substituted ‘‘1902, 1923, and 1925’’ for ‘‘702, 723, and 725’’ in subsec. (a) and ‘‘1902, 1923, or 1925’’ for ‘‘702, 723, or 725’’ in subsec. (b)(1). Pub. L. 102–83, § 4(b)(1), (2)(E), substituted ‘‘Sec- retary’’ for ‘‘Administrator’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 100–687, div. B, title XIV, § 1401(b)(2), Nov. 18, 1988, 102 Stat. 4129, provided that: ‘‘The amendment made by paragraph (1) [enacting this section] shall take effect with respect to premiums paid after the date of the enactment of this Act [Nov. 18, 1988].’’ SUBCHAPTER II—UNITED STATES GOVERNMENT LIFE INSURANCE § 1940. Definition For the purposes of this subchapter, the term ‘‘insurance’’ means United States Government life insurance. (Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1158, § 740; renumbered § 1940, Pub. L. 102–83, § 5(a), Aug. 6, 1991, 105 Stat. 406.) Editorial Notes AMENDMENTS 1991—Pub. L. 102–83 renumbered section 740 of this title as this section. § 1941. Amount of insurance United States Government life insurance shall be issued against death or total permanent dis- ability in any multiple of $500 and not less than $1,000 or more than $10,000. No person may carry a combined amount of National Service Life In- surance and United States Government life in- surance in excess of $10,000 at any one time. The limitations of this section shall not apply to the additional paid up insurance the purchase of which is authorized under section 1907 of this title. (Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1158, § 741; Pub. L. 92–188, § 1, Dec. 15, 1971, 85 Stat. 645; re- numbered § 1941 and amended Pub. L. 102–83, § 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 406.) Editorial Notes AMENDMENTS 1991—Pub. L. 102–83 renumbered section 741 of this title as this section and substituted ‘‘1907’’ for ‘‘707’’. 1971—Pub. L. 92–188 made section limitations inappli- cable to the additional paid up insurance purchase of which is authorized under section 707 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1971 AMENDMENT Amendment by Pub. L. 92–188 effective on date estab- lished by Administrator but in no event later than first day of first calendar month beginning more than six calendar months after Dec. 15, 1971, see section 4 of Pub. L. 92–188, set out as a note under section 1907 of this title. § 1942. Plans of insurance (a) Regulations shall provide for the right to convert insurance on the five-year level pre- mium term plan into ordinary life, twenty-pay- ment life, endowment maturing at age sixty- two, and into other usual forms of insurance as may be prescribed by the Secretary. Provision shall be made for reconversion of any such poli- cies to a higher premium rate or, upon proof of good health satisfactory to the Secretary, to a lower premium rate, in accordance with regula- tions to be issued by the Secretary. No reconver- sion shall be made to a five-year level premium term policy.