50 U.S.C. § 3974 - U.S. Code - Unannotated Title 50. War and National Defense § 3974. Policies entitled to protection and lapse of policies

(a)Determination

The Secretary of Veterans Affairs shall determine whether a policy is entitled to protection under this subchapter and shall notify the insured and the insurer of that determination.

(b)Lapse protection

A policy that the Secretary determines is entitled to protection under this subchapter shall not lapse or otherwise terminate or be forfeited for the nonpayment of a premium, or interest or indebtedness on a premium, after the date on which the application for protection is received by the Secretary.

(c)Time application

The protection provided by this subchapter applies during the insured's period of military service and for a period of two years thereafter.