An Act to amend section 704 of title 38, United States Code, to permit the conversion or exchange of National Service Life Insurance policies to insurance on a modified life plan with reduction at age seventy
PL 92-193 (H.R.11335), enacted 12/15/1971

648 
PUBLIC LAW 92-193-DEC. 15, 1971 
[85 STAT. 
Public Law 92-193 
K 
,= , o , , 
A N A C T 
December 15, 1971 
[H. R. 11335] 
To amend section 701 of title 3S, United States Code, to permit the conversion or 
exchange of National Service Life Insurance policies to insurance on a modified 
life plan with reduction at age seventy. 
Be it enacted by the Senate and House of Representatives 
of the 
• ^^!?"^^ ^^^' 
United States of America in Congress assemhled^ Tliat section 704 
Ince. ^ "^"'" 
of title 38, Ignited States Code, is amended effective the first day of 
Modified plan, 
tlie fii'st caleiular month which begins more than six calendar months 
78^stau'iogs!^' 
after the date of enactment of this Act by the addition of the following 
new subsection thereto: 
"(e) On and after the effective date of this subsection and under such 
regidations as the Administrator may promulgate, insurance may be 
converted to or exchanged for insurance on a modified life plan under 
the same terms and conditions as are set forth in subsections (b) and 
(c) of this section except that at the end of the day preceding the 
seventieth birthday of the insured the face value of the modified life 
insurance policy or the amount of extended insurance thereunder shall 
be automatically reduced by one-half thereof, without any reduction in 
premium. Any insured whose modified life insurance policy issued 
under this subsection is in force by payment or waiver of premiums 
on the day before his seventieth birthday may be granted insurance on 
the ordinary life plan upon the same terms and conditions as are set 
foith in subsection (d) of this section except that in applying such 
provisions the seventieth birthday is to be substituted for the sixty-fifth 
birthday. Notwithstanding any other provision of law or regulations 
the Administrator under such terms and conditions as he determines 
to be reasonable and practicable and upon written application and 
payment of the required premiums, reserves, or other necessary 
amounts made within one year from the effective date of this subsection 
by an insured having in force a modified life plan issued under sub-
sections (b) or (c) of this section, including any replacement insurance 
issued under subsection (d) of this section or other provision of this 
title, can exchange such insurance without proof of good health for an 
amount of insurance issued under this subsection equal to the insurance 
then in force or which was in force on the day before such insured's 
sixty-fifth birthday, whichever is the greater." 
Approved December 15, 1971. 
Public Law 92-194 
December 15, 1971 
A N A C T 
[H. R. 8689] 
To provide overtime pay for intermittent and part-time General Schedule 
employees who work in excess of forty hours in a workweek. 
Be it enacted hy the Senate and House of Representatives 
of the 
Federal employ- Jjnited Stotcs of Amevica in Congress assembled^ That section 5542 (a) 
''^Overtime pay. 
of title 5, United States Code, is amended by striking out "Hours", 
80 Stat. 485; 
ths first word in that section, and inserting "For full-time, part-time 
2 Stat. 969. 
^^^ intermittent tours of duty, hours" in place thereof. 
Approved December 15, 1971.