[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: 38CFR6.15]

[Page 494-495]
 
            TITLE 38--PENSIONS, BONUSES, AND VETERANS' RELIEF
 
                CHAPTER I--DEPARTMENT OF VETERANS AFFAIRS
 
PART 6_UNITED STATES GOVERNMENT LIFE INSURANCE--Table of Contents
 
Sec.  6.15  Cash value; special endowment at age 96 plan policy.

    Provisions for cash value shall become effective at the completion 
of the first policy year; all values and net single premiums are as 
prescribed by the Secretary and published in VA Pamphlet 90-2A. The cash 
value at the end of the first policy year and at the end of any policy 
year thereafter shall be the reserve as set forth in the policy 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, provided the policy has been in force for at least 1 
year. 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. If it is forwarded through

[[Page 495]]

military channels, the date the application is placed in military 
channels will be taken as the date of delivery.

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

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