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Show Veteran News One of the most important things for ex-servicemen to do about their National Service Life Insurance is the naming of a beneficiary or beneficiaries of their policies, the Veterans Administration Ad-ministration said. Unless a veteran gives this matter thoughtful consideration, he may fail to get. the most out of his insurance. For instance, in-stance, if no . beneficiary is named, the policyholder may be risking a financial loss to his heirs. Up to August 1, 19-46, it was not absolutely necessary for the veteran to name primary pri-mary and contingent beneficiaries benefic-iaries because the law provided for payment of the insurance to legal heirs in a specified order. Now, however, if the veteran dies without naming a beneficiary, bene-ficiary, or if the beneficiary should die before the policyholder, policy-holder, the insurance will be paid in a lump sum to the veteran's vet-eran's estate. If this happens, and the insurance in-surance becomes part of an -estate, it is subject to all the laws governing estates, including includ-ing claims of creditors, administrators' admin-istrators' fees and court expenses. expens-es. Thus the veteran's heirs might easily lose some of the insurance money which they might otherwise have received. On the other hand, if the veteran vet-eran names a specific beneficiary benefic-iary and the insurance is paid to him or her, it is exempt from taxation and from any claims made by creditors. The money is not liable to attachment, levy or seizure under any legal process, pro-cess, either before or after receipt re-ceipt by the beneifciary. The only exception to this rule is that the U. S. Government may-make may-make claims against the insurance. in-surance. Hence, veterans can protect their heirs against possible financial fi-nancial loss by naming a beneficiary, bene-ficiary, and they can add to that protection by naming a contingent contin-gent beneficiary to whom the insurance is to be paid if the first beneficiary should die without receiving the mo.ney. Some American citizens who served with the Royal Canadian Air Force and are eligible to receive "War Service Gratuities" Gratui-ties" from the Canadian Government, Govern-ment, have not applied for those payments althought the RCAF has been trying to locate them since the end of the war The men, many of whom joined the U. S. Air Force after service with RCAF, are entitled to a bonus of 57.50 for every 30 days' service in the RCAF. plus an extra 25 cents for every ev-ery day of overseas service. In addition, for each period of 183 days of overseas service in the RCAF, an amount will be paid equalling seven days' pay and allowances computed on the rank held at the time of discharge dis-charge from the RCAF. Those eligible to receive the payments may apply in writing to: The Air Member, Canadian Joint Staff, 1760 N. Street, N.W., Washington, D.j C. |