The term premium as defined under 50 U.S.C. app. 540(b) shall include membership dues and assessments in an association.
(a) The premium on a policy will be calculated on an annual basis, and if the annual
premium is not stated on the policy, the insurer will make a calculation of the premiums
for payment in advance and discounted at not less than 3 1/2 percent, subject to approval by the Department of Veterans Affairs.
(b) Premiums will not be guaranteed for benefits additional to the primary death benefit
if, when combined with the amount of the primary death benefit, the total benefit
would result in a payment in excess of $10,000 or if liability for such benefits is
excluded or restricted by military service or any activity which the insured may be
called upon to perform in connection with military service. In the event that premiums for the primary and additional benefits are not separable
under the terms of the policy the entire policy will be guaranteed, if the policy
is otherwise eligible for protection under the law.
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