50 USC 3971 - Definitions

U.S Code last checked for updates: Apr 18, 2024

§ 3971.

Definitions

For the purposes of this subchapter:

(1)

Policy

The term “policy” means any individual contract for whole, endowment, universal, or term life insurance (other than group term life insurance coverage), including any benefit in the nature of such insurance arising out of membership in any fraternal or beneficial association which—

(A)

provides that the insurer may not—

(i)

decrease the amount of coverage or require the payment of an additional amount as premiums if the insured engages in military service (except increases in premiums in individual term insurance based upon age); or

(ii)

limit or restrict coverage for any activity required by military service; and

(B)

is in force not less than 180 days before the date of the insured’s entry into military service and at the time of application under this subchapter.

(2)

Premium

The term “premium” means the amount specified in an insurance policy to be paid to keep the policy in force.

(3)

Insured

The term “insured” means a servicemember whose life is insured under a policy.

(4)

Insurer

The term “insurer” includes any firm, corporation, partnership, association, or business that is chartered or authorized to provide insurance and issue contracts or policies by the laws of a State or the United States.

(Oct. 17, 1940, ch. 888, title IV, § 401, as added Pub. L. 108–189, § 1, Dec. 19, 2003, 117 Stat. 2851.)

cite as: 50 USC 3971