§ 1944. Policy provisions

Statutory text

Provisions for maturity at certain ages, for continuous installments during the lifetime of the insured or beneficiaries, or both, for refund of premiums, cash, loan, paid-up and extended values, dividends from gains and savings, and such other provisions for the protection and advantage of and for alternative benefits to the insured and the beneficiaries as may be found to be reasonable and practicable may be provided for in insurance contracts or from time to time by regulations.

All calculations on insurance shall be based upon the American Experience Table of Mortality and interest at 3½ percent per annum, except that no deduction shall be made for continuous installments during the life of the insured in case the insured’s total and permanent disability continues more than two hundred and forty months.

On and after July 19, 1939, the rate of interest charged on any loan secured by a lien on insurance shall not exceed 5 percent per annum.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1958
Pub. L. 85–857 · 72 Stat. 1105
Enacted · 38 U.S.C. § 1944
Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1158, § 744
Source evidence
Code source credit
Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1158, § 744
1982
Pub. L. 97–295 § 4(26) · 96 Stat. 1287
Substituted · 38 U.S.C. § 1944(b); 38 U.S.C. § 1944(c)
Pub. L. 97–295 substituted “percent” for “per centum”
Source evidence
Code amendment note
Subsecs. (b), (c). Pub. L. 97–295 substituted “percent” for “per centum”.
Enacted provision · exact public law section
(26) Sections 743 and 744 are amended by striking out “per 38 USC 743, 744. centum” wherever it appears and substituting “percent”.
1986
Pub. L. 99–576 title VII § 701(30) · 100 Stat. 3248
Substituted · 38 U.S.C. § 1944(b)
Pub. L. 99–576 substituted “the insured’s” for “his”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 99–576 substituted “the insured’s” for “his”.
Enacted provision · exact public law section
(30) Sections 743, 744(b), 745, 746, 747, and 748 are amended by striking out “his” and inserting in lieu thereof “the insured’s”.
1991
Pub. L. 102–83 § 5(a) · 105 Stat. 378
Changed · 38 U.S.C. § 1944
Pub. L. 102–83 renumbered section 744 of this title as this section
Source evidence
Code amendment note
Pub. L. 102–83 renumbered section 744 of this title as this section.
Enacted provision · exact public law section
(a) Redesignation of Sections to Conform to Chapter Numbers.— Each section contained in any of chapters 11 through 23 is redesignated by replacing the first digit of the section number with the number of the chapter containing that section. Each section contained in any of chapters 24 through 42 is redesignated so that the first two digits of the section number of that section are the same as the chapter number of the chapter containing that section.

3 of 4 references resolved to an enrolled provision · 1 partial

Editorial Notes

Amendments1982–1991 · 3 rounds

1991

Pub. L. 102–83 renumbered section 744 of this title as this section.

1986

Subsec. (b). Pub. L. 99–576 substituted “the insured’s” for “his”.

1982

Subsecs. (b), (c). Pub. L. 97–295 substituted “percent” for “per centum”.

Credits

1958–1991 · 4 acts

1958Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1158, § 744
1982Pub. L. 97–295, § 4(26), Oct. 12, 1982, 96 Stat. 1307
1986Pub. L. 99–576, title VII, § 701(30), Oct. 28, 1986, 100 Stat. 3293
1991renumbered § 1944, Pub. L. 102–83, § 5(a), Aug. 6, 1991, 105 Stat. 406.

Show as published

(Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1158, § 744; Pub. L. 97–295, § 4(26), Oct. 12, 1982, 96 Stat. 1307; Pub. L. 99–576, title VII, § 701(30), Oct. 28, 1986, 100 Stat. 3293; renumbered § 1944, Pub. L. 102–83, § 5(a), Aug. 6, 1991, 105 Stat. 406.)