Volume 67
Public Law 83–148
To amend the existing law to provide for the automatic renewal of expiring live year-level-premium-term policies of United States Government and national service life insurance.
Approved July 23, 1953
Statutory text
AN ACT
To amend the existing law to provide for the automatic renewal of expiring live year-level-premium-term policies of United States Government and national service life insurance.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the second proviso of the first paragraph of section 301 of the World War Veterans’ Act, 1924, as amended, is hereby amended to read as follows: “Provided further, That at the expiration of any term period any United States Government life insurance policy issued on the five-year-level-premium-term plan which has not been exchanged or converted to a permanent plan of insurance and which is not lapsed shall be renewed as level-premium-term insurance without application for a successive five-year period at the premium rate for the attained age without medical examination.”
Sec. 2.
The first proviso of subsection (f) of section 602 of the
National Service Life Insurance Act of 1940, as amended, is hereby amended to read as follows: “Provided, That at the expiration of any term period any national service life insurance policy issued on the five-year-level-premium-term plan which has not been exchanged or converted to a permanent plan of insurance and which is not lapsed shall be renewed as level-premium-term insurance without application for a successive five-year period at the premium rate for the attained age without medical examination.”
Sec. 3.
The first exception specified in the second sentence of subsection (a) of section 621 of the National Service Life Insurance Act
of 1940, as amended, is hereby amended to read as follows: “(1) such insurance may not be exchanged for or converted to insurance on any other plan;”.
Approved July 23, 1953.