Veterans' Insurance Act of 1974

[AI summary unavailable — showing source text] Extends eligibility for coverage under Servicemen's Group Life Insurance to: (1) a person who volunteers for assignment to the Ready Reserve of a uniformed service and is assigned to a unit or position in which he may be required to perform active duty; (2) a person assigned to the Retired Reserve of a uniformed service who has not received the first increment of retirement annuities or has not yet reached 61 years of age and has completed at least 20 years of satisfactory service creditable for retirement purposes; and (3) a member, cadet, or midshipman of the Reserve Officers Training Corps while attending field training or practice cruises. Provides that an insurance policy for a member of the Ready Reserve shall cease 120 days after separation or release from such assignment unless on the date of separation the member is totally disabled, or has completed 20 years of service creditable for retirement purposes. Continues the insurance policy of a member of the Retired Reserve until such time as the member receives the first increment of retirement annuity, or the member's sixty-first birthday, whichever occurs earlier. Makes provisions for the conversion of Servicemen's Group Li…