§6.9. Election of optional settlement by beneficiary.
38 C.F.R. § 6.9
If the insured has selected an optional settlement then at the death of the insured the designated beneficiary may elect to receive the proceeds of insurance in installments spread over a greater period of time than that selected by the insured and in accordance with the following provisions.
If the insured has selected Option 1, the beneficiary may elect to receive payment under Option 2, 3, or 4.
If the insured has selected Option 2 with monthly installments not in excess of 120, the beneficiary may elect to receive payment in a greater number of installments under Option 2, or may elect to receive payment under Option 3 or 4.
If the insured has selected Option 2 with monthly installments in excess of 120, the beneficiary may elect to receive payment in a greater number of installments under Option 2, or may elect to receive payment under Option 3.
If the insured has selected Option 3, and named no contingent beneficiary, the beneficiary may elect to receive payment under Option 4.
If the insured has selected Option 4, the beneficiary may elect to receive payment under Option 3.
Notes, amendments, and revision history
Amendments
[32 FR 14274, Oct. 14, 1967, as amended at 48 FR 8069, Feb. 25, 1983. Redesignated and amended at 61 FR 29025, June 7, 1996]
Authority
Authority: 38 U.S.C. 501, 1940-1963, 1981-1988, unless otherwise noted.
Amendments
[32 FR 14274, Oct. 14, 1967, as amended at 48 FR 8069, Feb. 25, 1983. Redesignated and amended at 61 FR 29025, June 7, 1996]