§541. Persons entitled to benefits of article; applications; amount of insurance protected
The benefits and privileges of this article [sections 540 to 548 of this Appendix] shall apply to any insured, when such insured, or a person designated by him, or, in case the insured is outside the continental United States (excluding Alaska and the Panama Canal Zone), a beneficiary, shall make written application for protection under this article [said sections], unless the Secretary of Veterans Affairs in passing upon such application as provided in this article [said sections] shall find that the policy is not entitled to protection hereunder. The Secretary shall give notice to the military and naval authorities of the provisions of this article [said sections], and shall include in such notice an explanation of such provisions for the information of those desiring to make application for the benefits thereof. The original of such application shall be sent by the insured to the insurer, and a copy thereof to the Secretary. The total amount of insurance on the life of one insured under policies protected by the provisions of this article [said sections] shall not exceed $10,000. If an insured makes application for protection of policies on his life totaling insurance in excess of $10,000, the Secretary is authorized to have the amount of insurance divided into two or more policies so that the protection of this article [said sections] may be extended to include policies for a total amount of insurance not to exceed $10,000, and a policy which affords the best security to the Government shall be given preference.
(Oct. 17, 1940, ch. 888, art. IV, §401,
Amendments
1991-
1942-Act Oct. 6, 1942, amended section generally, substituting provisions relating to persons entitled to benefits, applications, and amount of insurance protected for provisions relating to applications for benefits and forms.
Section Referred to in Other Sections
This section is referred to in title 5 section 5569.