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(i) by striking out ‘‘from such’’ in the
matter preceding subparagraph (A) and all
that follows through ‘‘(A) unless on’’ and
inserting in lieu thereof ‘‘from such assign-
ment, unless on’’;
(ii) by striking out the semicolon after
‘‘such assignment’’ and inserting in lieu
thereof a period; and
(iii) by striking out subparagraphs
(B) and (C); and
(E) by striking out paragraphs (5) and
(6); and
(2) in subsection (b), by striking out the last
two sentences.
(d) PREMIUMS.—Section 1969 is amended—
(1) in subsection (a)(2), by striking out ‘‘is as-
signed to the Reserve (other than the Retired Re-
serve) and meets the qualifications of section
1965(5)(C) of this title, or is assigned to the Retired
Reserve and meets the qualifications of section
1965(5)(D) of this title,’’;
(2) by striking out subsection (e); and
(3) by redesignating subsections (f) and (g) as
subsections (e) and (f), respectively.
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SEC. 102. CONVERSION TO COMMERCIAL LIFE INSURANCE
POLICY.
(a) SGLI CONVERSION.—Subsection (b) of section
1968, as amended by section 101(c)(2), is amended—
(1) by inserting ‘‘(1)’’ after ‘‘(b)’’ at the begin-
ning of the subsection;
(2) by striking out ‘‘would cease,’’ in the first
sentence and all that follows through the period at
the end of the sentence and inserting in lieu thereof
‘‘would cease—
‘‘(A) shall be automatically converted to Veter-
ans’ Group Life Insurance, subject to (i) the timely
payment of the initial premium under terms pre-
scribed by the Secretary, and (ii) the terms and con-
ditions set forth in section 1977 of this title; or
‘‘(B) at the election of the member, shall be
converted to an individual policy of insurance as de-
scribed in section 1977(e) of this title upon written
application for conversion made to the participating
company selected by the member and payment of the
required premiums.’’; and
(3) by designating the second sentence as para-
graph (2) and in that sentence striking out ‘‘Such
automatic conversion’’ and inserting in lieu thereof
‘‘Automatic conversion to Veterans’ Group Life In-
surance under paragraph (1)’’.
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(b) VGLI CONVERSION.—Section 1977 is amended—
(1) in subsection (a)—
(A) by inserting ‘‘(1)’’ after ‘‘(a)’’;
(B) by striking out the last two sentences;
and
(C) by adding at the end the following:
‘‘(2) If any person insured under Veterans’ Group
Life 
Insurance 
again 
becomes 
insured 
under
Servicemembers’ Group Life Insurance but dies before ter-
minating or converting such person’s Veterans’ Group In-
surance, Veterans’ Group Life Insurance shall be payable
only if such person is insured for less than $200,000
under Servicemembers’ Group Life Insurance, and then
only in an amount which, when added to the amount of
Servicemembers’ Group Life Insurance payable, does not
exceed $200,000.’’; and
(2) in subsection (e)—
(A) in the first sentence, by inserting ‘‘at
any time’’ after ‘‘shall have the right’’; and
(B) by striking out the third sentence and
inserting in lieu thereof the following: ‘‘The
Veterans’ Group Life Insurance policy will ter-
minate on the day before the date on which the
individual policy becomes effective.’’.
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SEC. 103. INFORMATION TO BE PROVIDED MEMBERS CON-
CERNING AUTOMATIC MAXIMUM COVERAGE
OF $200,000 UNDER SERVICEMEN’S GROUP
LIFE INSURANCE.
Section 1967, as amended by section 101(b), is
amended by inserting after subsection (c) the following
new subsection (d):
‘‘(d) Whenever a member has the opportunity to
make an election under subsection (a) not to be insured
under this subchapter, or to be insured under this sub-
chapter in an amount less than the maximum amount of
$200,000, and at such other times periodically thereafter
as the Secretary concerned considers appropriate, the Sec-
retary concerned shall furnish to the member general in-
formation concerning life insurance. Such information
shall include—
‘‘(1) the purpose and role of life insurance in fi-
nancial planning;
‘‘(2) the difference between term life insurance
and whole life insurance;
‘‘(3) the availability of commercial life insur-
ance; and
‘‘(4) the relationship between Servicemembers’
Group Life Insurance and Veterans’ Group Life In-
surance.’’.
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SEC. 104. RENAMING OF SERVICEMEN’S GROUP LIFE IN-
SURANCE PROGRAM.
(a) IN GENERAL.—The program of insurance oper-
ated by the Secretary of Veterans Affairs under sub-
chapter III of chapter 19 of title 38, United States Code,
is hereby redesignated as the Servicemembers’ Group Life
Insurance program.
(b) AMENDMENTS TO CHAPTER 19.—(1) Sections
1967(a), (c), and (e), 1968(b), 1969(a)–(e), 1970(a), (f),
and (g), 1971(b), 1973, 1974, and 1977(a), (d), (e), and
(g) are amended by striking out ‘‘Servicemen’s Group’’
each place it appears and inserting in lieu thereof
‘‘Servicemembers’ Group’’.
(2)(A) The heading of subchapter III of chapter 19
is amended to read as follows:
‘‘SUBCHAPTER III—SERVICEMEMBERS’ GROUP
LIFE INSURANCE (FORMERLY SERVICE-
MEN’S GROUP LIFE INSURANCE)’’.
(B) The heading of section 1974 is amended to read
as follows:
‘‘§ 1974. Advisory Council on Servicemembers’ Group
Life Insurance (formerly Servicemen’s
Group Life Insurance)’’.
(3) The table of sections at the beginning of chapter
19 is amended—