[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: 38CFR8.12]

[Page 508]
 
            TITLE 38--PENSIONS, BONUSES, AND VETERANS' RELIEF
 
                CHAPTER I--DEPARTMENT OF VETERANS AFFAIRS
 
PART 8_NATIONAL SERVICE LIFE INSURANCE--Table of Contents
 
Sec.  8.12  Payment of the cash value of National Service Life 

Insurance in monthly installments under section 1917(e) of 
title 38 U.S.C.

    (a) Effective January 1, 1971, in lieu of payment of the cash 
surrender value in one sum the insured may elect to receive payment in 
monthly installments under option 2 or as a refund life income. If the 
insured dies before the agreed number of monthly installments have been 
paid, the remaining unpaid monthly installments will be payable as 
provided in title 38 U.S.C. 1917. Unless otherwise requested by the 
insured, a surrender under this section will be deemed completed as of 
the premium month in which the application for cash surrender is 
delivered to the Department of Veterans Affairs, or as of the date of 
the first check released thereunder, whichever is later.
    (b) [Reserved]

[36 FR 4384, Mar. 5, 1971. Redesignated and amended at 61 FR 29290, 
29292, June 10, 1996. Redesignated at 65 FR 7437, Feb. 15, 2000]