SiebenbuÌˆrgisch-Amerikanisches Volksblatt. [volume] (Cleveland, Ohio) 1917-1971, 1941-04-03
Congress Passes
Ins. K eIief Law
Conclusion from Page 5.

| insurance otherwise not entitled to the
benefits Of this article. Said Admin
stration shall Immediately notify the
| insurer and the insured in writing of
every rejection or approval.
See. 4O4. When one or more applica-
tions are made under this article by
any one person in military service in
J respect of insurance exceeding total
! face value of $4,000, whether on one
or more policies or in one or more COM
F! panies, and the insured shall not in his
| application indicate an order of pre-
ference, the Veterans Administration
shall reject such policies as have the
| inferior cash surrender value, 80 as to
reduce the total benefits conferred
within the face value of $4,000, and
where necessary for this purpose shall
direct the insurer to divide any policy
into two seperate policies. The said Ad-
ministration shall Immediately notify
! the insurer and the insured in writing
i of such selection.
Sec. 4O5. No policy which has not
lapsed for the nonpayment of premium
before the commencement of the period
Of military service of the insured, and
which has been brought within the
benefits of this article, shall lapse or
be forfeited for the nonpayment of
premium during the period Of such
service or during one year after the
expiration of such period: Provided
That in no case shall this prohibition
extend for more than one year after the
date when this Act ceases to be IN
force.
See. 406. Within the first fifteen
days Of each calendar month after the
date of approval of this Act until the
expiration of one year after the date
when this Act ceases to be in force
every insurance corporation or associa
tion to which application has been
made as herein provided, for the benc
fits of this article, shall render to the
Veterans Administration ia report.
duly verified, setting forth the follow
ling facts:
First. The names of the persons wht
have applied for such benefits, and
the face value of the policies in respec,
Of which such benefits have been ap
;plied for by such persons, during the
proceeding calendar month.
Second. A list as far as practicable
Of the premiums in respect of policies
entitled to the benefits of this article
which remain unpaid on the last day
of the preceding calendar month, which
day is at least thirty-one days after
the due date Of the premiums, provided
such premiums have not previousl,
been so reported as in default.
Third. A list of premiums which
having been previously reported as il
default. have been paid by the policy
holder or someone on his behalf in
| VI III paw tHC pIcCtulHS
calendar month.
Fourth. A computation Of the dicer
ence between the total amount OF de
faulted premiums therein reported ant
the total amount of premiums paid d
therein reported, after having beer
previously reported as in default. From
this sum shall be deducted the tota
sum of any premiums previously report
ed as in default, upon policies in re
: spect of which the Veterans Admin
stration has. since the date of such r.
port, rejected an application for th
benefits Of this article. The final SUI,
80 arrived at shall bedenominated tn
, monthly difference.
. See. 4O7. The Administrator of We
t terans' Affairs shall verify the compu
, tation of monthly difference reportc,
by each insurer and shall, within te1