TABLES OF INSTALLMENTS WHEN OPTION SELECTED PROVIDES MONTHLY PAYMENTS OF LESS THAN $10

§ 8.80a

Payment to a beneficiary where the monthly installment of participating National Service Life Insurance and nonparticipating insurance issued under section 602 (c) (2) of the National Service Life Insurance Act, as amended, on which the requirements of good health were waived, is less than $10 under the option selected.

Where payment is to be made in 12 or 24 monthly installments (see § 8.77(a) (5)), the amount of each monthly installment will be paid in accordance with the following table:

§ 8.80c Optional settlements on insurance issued under the provisions of section_723 (b) of Title 38, United States Code.

The optional settlements under a National Service life insurance policy issued under the provisions of section 723 (b) of Title 38, United States Code, are as follows:

Option 1; insurance payable in one sum. Settlement under this option will be made only when selected by the insured. When such election has been made, the face amount (less any indebtedness) will be payable in one sum upon the death of the insured.

Option 2; insurance payable in elected installments. The installments noted below will be payable for an agreed number of months (not less than 36) to the designated beneficiary, but, if the designated beneficiary dies before the agreed number of monthly installments have been paid, the remaining unpaid monthly installments will be payable as provided in § 8.89, 8.90, or 8.91, whichever may be applicable.

Act,

as

48.

21.86

156.

7.49

7.03

6.64

6.30

6.00

5.73

9.39 228.

5.49

8.64 240.

5.27

[30 F.R. 3651, Mar. 19, 1965] § 8.80b Payment to a beneficiary where the monthly installment of insurance, issued under the provisions of section 620 or 621 of the National Service Life Insurance amended, or section 722(a) of Title 38, United States Code, is less than $10 under the option selected. Where payment is to be made in 12 or 24 monthly installments (see § 8.77 (a) (5)), the amount of each monthly installment will be paid in accordance with the following table:

Option 3; insurance payable in installments throughout life. The monthly installments noted below will be payable throughout the lifetime of the designated beneficiary, but, if such beneficiary dies before 120 of such installments have been paid, the remaining unpaid monthly installments will be payable as provided in § 8.89, § 8.90, or § 8.91, whichever may be applicable.

Option 4; refund life income. The amount of the installments noted below will be payable monthly throughout the lifetime of the designated beneficiary, but, if such beneficiary dies before payment of the number of installments certain noted below, the remaining unpaid monthly installments payable for such period 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 face value of the contract less any indebtedness, will be payable as provided in § 8.89, 8.90, or 8.91, whichever may be applicable. The law does not authorize settlement under this option in any case in which less than 120 installments may be paid; if a male beneficiary is 77 or more years of age at the time of the death of the insured, payment will be made as provided in option 3; if a female beneficiary is 79 or more years of age at the time of the death of the insured, payment will be made as provided in option 3.

OPTION 4

(Beneficiaries of any age up to and including 76 for a male beneficiary and 78 for a female beneficiary: Payable for life of first beneficiary with number of installments stated below guaranteed.)

§ 8.81

Amount of each monthly installment per $1,000 insurance payable

$84.24 42.66

Optional settlements on insurance issued under the provisions of section 725 of Title 38, United States Code.

The optional settlements under a National Service Life Insurance policy issued under the provisions of 38 U.S.C. 725 are as follows:

Option 1. Insurance payable in one sum. Settlement under this option will be made only when selected by the insured. When such election has been made, the face amount (less any indebtedness) will be payable in one sum upon the death of the insured.

Option 2. Insurance payable in elected installments. The installments noted below will be payable for an agreed number of months (not less than 36) to the designated beneficiary, but, if the designated beneficiary dies before the agreed number of monthly installments have been paid, the remaining unpaid monthly installments will be payable as provided in § 8.89, 8.90, or 8.91, whichever may be applicable:

Option 3. Insurance payable in installments throughout life. The monthly installments noted below will be payable throughout the lifetime of the designated beneficiary, but, if such beneficiary dies before 120 of such installments have been paid, the remaining unpaid monthly installments will be payable as provided in § 8.89, 8.90, or 8.91, whichever may be applicable: