[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: 38CFR8.16]

[Page 511]
 
            TITLE 38--PENSIONS, BONUSES, AND VETERANS' RELIEF
 
                CHAPTER I--DEPARTMENT OF VETERANS AFFAIRS
 
PART 8_NATIONAL SERVICE LIFE INSURANCE--Table of Contents
 
Sec. 8.16  Conversion of a 5-year level premium term policy as 

provided for under Sec. 1904 of title 38 U.S.C.

    National Service Life Insurance on the level premium term plan which 
is in force may be exchanged for a permanent plan policy upon written 
application by the insured and the payment of the current monthly 
premium at the attained age for the plan of insurance selected (except 
where premium waiver under 38 U.S.C. 1912 is effective). The reserve (if 
any) on the policy will be allowed as a credit on the current monthly 
premium except where premium waiver is effective. Conversion to an 
endowment plan may not be made while the insured is totally disabled. 
The conversion will be made without medical examination, except when 
deemed necessary to determine whether an applicant for conversion to an 
endowment plan is totally disabled, and upon complete surrender of the 
term insurance while in force by payment or waiver of premium.

(Authority: 38 U.S.C. 1904)

[61 FR 29293, June 10, 1996. Redesignated at 65 FR 7437, Feb. 15, 2000]

                  Premium Waivers and Total Disability