At the expiration of any term period any insurance policy issued on the five-year level premium term plan which has not been exchanged or converted to a permanent plan of insurance and which is not lapsed shall be renewed as level premium term insurance without application for a successive five-year period at the premium rate for the attained age without medical examination. However, renewal shall be effected in cases where the policy is lapsed only if the insured makes application for reinstatement and renewal of the insured’s term policy within five years after the date of lapse, and reinstatement in such cases shall be under the terms and conditions prescribed by the Secretary.
Pub. L. 85–85772 Stat. 1159 Pub. L. 91–291, § 1184 Stat. 331 Pub. L. 99–576, title VII, § 701(30)100 Stat. 3293 Pub. L. 102–83105 Stat. 404–406 (, , , § 745; , , ; , , ; renumbered § 1945 and amended , §§ 4(b)(1), (2)(E), 5(a), , .)
Editorial Notes
Amendments
Pub. L. 102–83section 745 of this title1991— renumbered as this section and substituted “Secretary” for “Administrator”.
Pub. L. 99–5761986— substituted “the insured’s” for “his”.
Pub. L. 91–2911970— struck out effective date provision for renewal of policies, provisions that, in case of lapsed policies, such lapse have occurred within two months before the expiration of the term period, special provisions for the interim period between and , and provisions that the section take effect on , and required that the insurer make application for reinstatement and renewal of his term policy within five years after the date of the lapse.
Statutory Notes and Related Subsidiaries
Effective Date of 1970 Amendment
Pub. L. 91–291section 14(a) of Pub. L. 91–291section 1317 of this titleAmendment by effective , see , set out as a note under .