Veterans' Insurance Act

[AI summary unavailable — showing source text] Veteran's Insurance Act - Provides that all premiums and other collections on the Veterans' Special Life Insurance and any total disability provisions added thereto shall be credited to a revolving fund in the Treasury of the United States which together with interest earned thereon, shall be available for the payment of liabilities under such insurance and any total disability provisions added thereto, including payments of dividends and refunds of unearned premiums. Expands the term "member" for purposes of the Servicemen's Group Life Insurance program to include specified members of the Reserves and the National Guard. Provides that the maximum amount of benefits payable under the Servicemen's Group Life Insurance shall be $20,000. Permits any former member insured under Veteran's Group Life Insurance who again becomes eligible for Servicemen's Group Life Insurance and declines such coverage solely for the purpose of maintaining his Veteran's Group Life Insurance in effect shall upon termination of coverage under Veterans' Group Life Insurance be automatically insured under Servicemen's Group Life Insurance. Provides for the automatic conversion of Servicemen's Group Life Insura…