[Code of Federal Regulations]
[Title 38, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 38CFR6.14]

[Page 494]
 
            TITLE 38--PENSIONS, BONUSES, AND VETERANS' RELIEF
 
                CHAPTER I--DEPARTMENT OF VETERANS AFFAIRS
 
PART 6_UNITED STATES GOVERNMENT LIFE INSURANCE--Table of Contents
 
Sec. 6.14  Cash value; other than special endowment at age 96 

plan policy.

    Provisions for cash value shall become effective at the completion 
of the first policy year on any plan of United States Government Life 
Insurance other than the special endowment at age 96 plan policy; all 
values, reserves, and net single premiums being based on the American 
Experience Table of Mortality, with interest at the rate of 3\1/2\ 
percent per annum. The cash value shall be the reserve together with any 
dividend accumulations. For each month after the first policy year the 
reserve at the end of the preceding policy year shall be increased by 
one-twelfth of the increase in reserve for the current policy year. Upon 
written request therefor and upon complete surrender of the insurance 
with all claims thereunder made by the insured the United States will 
pay to the insured the cash value of the policy less any indebtedness. 
Unless otherwise requested by the insured, a surrender will be deemed 
completed as of the end of the month in which the application for cash 
surrender is delivered to the Department of Veterans Affairs, or as of 
the date of the check for the cash value, whichever is later. If the 
application is forwarded by mail, properly addressed, the postmark date 
will be taken as the date of delivery.

(Authority: 38 U.S.C. 1944)

[48 FR 1963, Jan. 17, 1983. Redesignated and amended at 61 FR 29025, 
June 7, 1996]