Veterans' Insurance Act of 1974

(LATEST SUMMARY)

Veterans' Insurance Act - Provides that all premiums and other collections on the Veterans' Special Life Insurance and any total disability provisions added thereto shall be credited to a revolving fund in the Treasury of the United States which together with interest earned thereon, shall be available for the payment of liabilities under such insurance and any total disability provisions added thereto, including payments of dividends and refunds of unearned premiums.

Expands the term "member" for purposes of the Servicemen's Group Life Insurance program to include specified members of the Reserves and National Guard. Provides that the maximum amount of benefits payable under the Servicemen's Group Life Insurance shall be $20,000. Permits any former member insured under Veterans' Group Life Insurance who again becomes eligible for Servicemen's Group Life Insurance and declines such coverage solely for the purposes of maintaining his Veterans' Group Life Insurance in effect shall upon termination of coverage under Veterans' Group Life Insurance be automatically insured under Servicemen's Group Life Insurance.

Provides for the automatic conversion of Servicemen's Group Life Insurance to Veterans' Group Life Insurance subject to specified conditions. Redefines the order of precedence to be followed in the payment of insurance to beneficiaries under the Servicemen's Group Life Insurance and the Veterans' Group Life Insurance.

Provides that Veterans' Group Life Insurance shall be issued in the amount of $5,000, $10,000, $15,000 or $20,000 only. States that no person may carry a combined amount of Servicemen's Group Life Insurance and Veterans' Group Life Insurance in excess of $20,000 at any one time. Sets forth the risks and conditions of the Veterans' Group Life Insurance plan. Sets forth the procedure for the computation and collection of premiums for such plan.

Authorizes the Secretary of the Army or the Secretary of the Navy to allow a member of the National Guard who is not on active duty to make allotments from his military pay for the payment of premiums under a group life insurance program sponsored by the military department of the State in which such member holds his National Guard membership or by the National Guard association of such State if the State or association concerned has agreed in writing to reimburse the United States for all costs incurred by the United States in providing for such allotments. The amount of such costs and procedures for reimbursements of such costs received by the United States from the State or association concerned shall be credited to the appropriations or funds against which charges have been made for such costs.

Provides that the United States shall not be liable for any losses or damages suffered by any officer or employee of the United States in administering the allotment program authorized under this Act. Adds 37 U.S.C. 707