
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 38USC1952]

 
                      TITLE 38--VETERANS' BENEFITS
 
                        PART II--GENERAL BENEFITS
 
                          CHAPTER 19--INSURANCE
 
         SUBCHAPTER II--UNITED STATES GOVERNMENT LIFE INSURANCE
 
Sec. 1952. Optional settlement

    (a) The Secretary may provide in insurance contracts for optional 
settlements, to be selected by the insured, whereby such insurance may 
be made payable either in one sum or in installments for thirty-six 
months or more. A provision may also be included in such contracts 
authorizing the beneficiary to elect to receive payment of the insurance 
in installments for thirty-six months or more, but only if the insured 
has not exercised the right of election as provided in this subchapter. 
Even though the insured may have exercised the right of election the 
beneficiary may elect to receive such insurance in installments spread 
over a greater period of time than that selected by the insured. 
Notwithstanding any provision to the contrary in any insurance contract, 
the beneficiary may, in the case of insurance maturing after September 
30, 1981, and for which the insured has not exercised the right of 
election of the insured as provided in this subchapter, elect to receive 
payment of the insurance in one sum.
    (b) Under such regulations as the Secretary may promulgate, the cash 
surrender value of any policy of insurance or the proceeds of an 
endowment contract which matures by reason of completion of the 
endowment period may be paid to the insured (1) in equal monthly 
installments of from thirty-six to two hundred and forty in number, in 
multiples of twelve; or (2) as a refund life income in monthly 
installments payable for such periods certain as may be required in 
order that the sum of the installments certain, including a last 
installment of such reduced amount as may be necessary, shall equal the 
cash value of the contract, less any indebtedness, with such payments 
continuing throughout the lifetime of the insured. However, all 
settlements under option (2) above shall be calculated on the basis of 
The Annuity Table for 1949. If the option selected requires payment of 
monthly installments of less than $10, the amount payable shall be paid 
in such maximum number of monthly installments as are a multiple of 
twelve as will provide a monthly installment of not less than $10.

(Pub. L. 85-857, Sept. 2, 1958, 72 Stat. 1161, Sec. 752; Pub. L. 91-291, 
Sec. 12, June 25, 1970, 84 Stat. 332; Pub. L. 97-66, title IV, 
Sec. 403(b), Oct. 17, 1981, 95 Stat. 1031; Pub. L. 99-576, title VII, 
Sec. 701(32), Oct. 28, 1986, 100 Stat. 3293; renumbered Sec. 1952 and 
amended Pub. L. 102-83, Secs. 4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 
Stat. 404-406.)


                               Amendments

    1991--Pub. L. 102-83 renumbered section 752 of this title as this 
section and substituted ``Secretary'' for ``Administrator'' in subsecs. 
(a) and (b).
    1986--Subsec. (a). Pub. L. 99-576 substituted ``the right'' for 
``his right'' in two places.
    1981--Subsec. (a). Pub. L. 97-66 inserted provision empowering 
beneficiaries, in the case of insurance maturing after Sept. 30, 1981, 
and for which the insured has not exercised the right of election of the 
insured as provided in this subchapter, to elect to receive payment of 
the insurance in one sum.
    1970--Pub. L. 91-291 designated existing provisions as subsec. (a) 
and added subsec. (b).


                    Effective Date of 1981 Amendment

    Amendment by Pub. L. 97-66 effective Oct. 17, 1981, see section 
701(b)(1) of Pub. L. 97-66, set out as a note under section 1114 of this 
title.


                    Effective Date of 1970 Amendment

    Amendment by Pub. L. 91-291 effective first day of first calendar 
month which begins more than six calendar months after June 25, 1970, 
see section 14(a) of Pub. L. 91-291, set out as a note under section 
1317 of this title.
