Volume 72 · 630
Public Law 85–678
To increase from $5 to $10 per month for each $1,000 national service life insurance in force the amount of total (Usability income benefits which may be purchased by insureds, and for other purposes.
Approved August 18, 1958
Statutory text
AN ACT
To increase from $5 to $10 per month for each $1,000 national service life insurance in force the amount of total (Usability income benefits which may be purchased by insureds, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the portion of subsection 602 (v)(1) of the National Service Life Insurance Act of 1940 which precedes the first proviso is amended to read as follows:
“(v) (1) The Administrator shall, upon application by the insured and proof of good health satisfactory to the Administrator and payment of such extra premium as the Administrator shall prescribe, include in any national service life insurance policy on the life of the insured (including insurance issued under section 621 but not
including insurance issued under section 620) provisions whereby an insured who is shown to have become totally disabled for a period of six consecutive months or more commencing after the date of such application and before attaining the age of sixty and while the payment of any premium is not in default, shall be paid monthly disability benefits from the first day of the seventh consecutive month of and during the continuance of such total disability of $10 for each $1,000 of such insurance in effect when such benefits become payable; however, the total disability provision authorized under this amendatory Act shall not be added to a policy containing the total disability coverage heretofore issued under this subsection, except upon surrender of such total disability coverage, proof of good health satisfactory to the Administrator, and payment of such extra premium as the Administrator shall determine is required in such cases:”.
Sec. 2.
Subsection 602 (v)(1) of the National Service Life Insurance Act of 1940 is further amended by adding the following at the end thereof: “The total disability provision issued under this subsection which is included in a policy of insurance issued under section
38 USC 822.
621 shall be nonparticipating. The premiums on such total disability provision shall be credited directly to the revolving fund established under section 621 and payments on such total disability provision shall be made directly from such revolving fund.
Sec. 3.
This Act shall be effective the first day of the third calendar month following the date of its approval.
Approved August 18, 1958.