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The Wrangell Sentinel
Wrangell, Alaska
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The Veterans Administration announced a proposed $2.8 billion National Service Life Insurance dividend for about 16 million World War II veterans, with a maximum payout of $528 per policy based on a $10,000 policy in force for 96 months prior to 1948.
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Maximum possible amount that any veteran can receive will be $528. The dividend will be paid on both term and converted insurance policies, and will be paid only for the period that the policy was in force prior to the policy anniversary in 1948.
No payments will be made for periods of lapse.
In computing the maximum payment of $528. the dividend was based on a $10,000 policy in force for 96 months (the longest possible period). on a veteran aged 40 or less at the time the policy was taken out. This represents 5.5 cents a month per $1,000 of insurance. As the mortality rate for the age group of 40 and under did not vary greatly, a single dividend rate will apply to this whole group.
About 7,227,000 National Service life Insurance policies, held by World War II veterans, were in force in late spring. the Veterans Administration said. The policies represented $41.6 billion of insurance protection.
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Domestic News Details
Primary Location
Seattle
Outcome
dividend of $2,800,000,000 distributed among 16 million wwii veterans; maximum $528 per veteran based on $10,000 policy for 96 months; 7,227,000 policies in force representing $41.6 billion.
Event Details
Veterans Administration announced proposed dividend scale for National Service Life Insurance; paid on term and converted policies in force prior to 1948 anniversary; no payments for lapses; based on 5.5 cents per month per $1,000 for veterans aged 40 or less.