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Story
February 8, 1961
Tabor City Tribune
Tabor City, Columbus County, North Carolina
What is this article about?
Veterans Administration speeds up $258.5M insurance dividend payments to WWI and WWII veterans per presidential order, targeting completion by June 30, 1961, with $5.8M to 232 North Carolina veterans.
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Veterans' Payments Speeded Up
Per President's instructions
In response to instructions by the President, the Veterans Administration said today it is taking immediate steps to speed payments of more than a quarter billion dollars in insurance dividends to veterans.
A total of $258,500,000 will be distributed to some 4,800 World War I veterans holding National Service Life Insurance (NSLI) and to about 260,000 World War II veterans who have U. S. Government Life Insurance (USGLI) policies. Of the total $210,000,000 will be paid on NSLI policies and $18,500,000 on USGLI policies.
The VA said the agency would use every resource in an all-out effort to place as many of the dividend checks as possible in the mails before the end of winter.
Since many veterans hold more than one policy, although the aggregate may not exceed $10,000 of insurance in force, dividends will be paid on nearly 5,560,000 separate policies.
Setting June 30, 1961, as an outside limit for having all the policy dividends paid, VA officials said even this date would cut the payment schedule exactly one-half. They explain in the hope, however, that announcement of the June 30 date, Normally, yearly dividends are paid over a full 12-month period.
The VA explained that dividends such as will be paid on World War I and World War II policies are primarily a refund to the veteran policyholders of part of their premium payments. The refunds are made possible primarily because the death rate among GI policyholders continues to be lower than the rate on which the premiums were established by law.
Veterans who currently have in force either term or permanent plan participating NSLI and USGLI policies will receive dividends.
J. D. DeRamus, VA Regional Office Manager, Winston-Salem, N. C., said that an estimated 232 North Carolina veterans who hold participating GI Life insurance will receive $5,802,000 of the regular national dividend totaling $268,500,000.
Mr. DeRamus emphasized that veterans could aid in the speed-up of payments by not making advance individual inquiries about dividends. Such inquiries, it is expected, would divert personnel from processing the dividends, and thus create a delay in payments.
Per President's instructions
In response to instructions by the President, the Veterans Administration said today it is taking immediate steps to speed payments of more than a quarter billion dollars in insurance dividends to veterans.
A total of $258,500,000 will be distributed to some 4,800 World War I veterans holding National Service Life Insurance (NSLI) and to about 260,000 World War II veterans who have U. S. Government Life Insurance (USGLI) policies. Of the total $210,000,000 will be paid on NSLI policies and $18,500,000 on USGLI policies.
The VA said the agency would use every resource in an all-out effort to place as many of the dividend checks as possible in the mails before the end of winter.
Since many veterans hold more than one policy, although the aggregate may not exceed $10,000 of insurance in force, dividends will be paid on nearly 5,560,000 separate policies.
Setting June 30, 1961, as an outside limit for having all the policy dividends paid, VA officials said even this date would cut the payment schedule exactly one-half. They explain in the hope, however, that announcement of the June 30 date, Normally, yearly dividends are paid over a full 12-month period.
The VA explained that dividends such as will be paid on World War I and World War II policies are primarily a refund to the veteran policyholders of part of their premium payments. The refunds are made possible primarily because the death rate among GI policyholders continues to be lower than the rate on which the premiums were established by law.
Veterans who currently have in force either term or permanent plan participating NSLI and USGLI policies will receive dividends.
J. D. DeRamus, VA Regional Office Manager, Winston-Salem, N. C., said that an estimated 232 North Carolina veterans who hold participating GI Life insurance will receive $5,802,000 of the regular national dividend totaling $268,500,000.
Mr. DeRamus emphasized that veterans could aid in the speed-up of payments by not making advance individual inquiries about dividends. Such inquiries, it is expected, would divert personnel from processing the dividends, and thus create a delay in payments.
What sub-type of article is it?
Historical Event
What themes does it cover?
Recovery
Justice
What keywords are associated?
Veterans Dividends
Insurance Payments
Va Speedup
Wwi Veterans
Wwii Veterans
Nsli Policies
Usgli Policies
What entities or persons were involved?
President
J. D. Deramus
Where did it happen?
United States
Story Details
Key Persons
President
J. D. Deramus
Location
United States
Event Date
June 30, 1961
Story Details
The Veterans Administration, following presidential instructions, accelerates distribution of $258,500,000 in insurance dividends to 4,800 WWI and 260,000 WWII veterans holding NSLI and USGLI policies, aiming to mail checks before winter's end and complete by June 30, 1961.