[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: 38CFR6.16]

[Page 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.  6.16  Payment of cash value in monthly installments.

    Effective January 1, 1971, in lieu of payment of cash value in one 
sum, the insured may elect to receive payment in monthly installments 
under option 2 as set forth in the insurance contract or as a refund 
life income option. If the insured dies before the agreed number of 
monthly installments have been paid, the remaining unpaid monthly 
installments will be payable to the designated beneficiary in one sum, 
unless the insured or such beneficiary has elected to continue the 
installments under the option selected by the insured. If no designated 
beneficiary survives, the present value of any remaining unpaid 
installments shall be paid to the estate of the insured, provided such 
payment would not escheat.

[61 FR 29025, June 7, 1996]

                              Indebtedness