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Simple English definitions for legal terms
national-service life insurance
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A quick definition of national-service life insurance:
National-Service Life Insurance is a type of life insurance available to people who are actively serving in the United States military. It was established by the National Service Life Insurance Act of 1940 and is regulated by the Administrator of Veterans Affairs. This insurance offers favorable rates and is designed to provide financial support to the policyholder's designated beneficiary in the event of the policyholder's death.A more thorough explanation:
National-Service Life Insurance is a type of life insurance available to active members of the U.S. military since October 8, 1940. It is regulated by the Administrator of Veterans Affairs and offers favorable rates to military personnel.
For example, if a soldier purchases National-Service Life Insurance and dies while on active duty, the designated beneficiary will receive a specified amount of money from the insurance company.
This type of insurance was established by the National Service Life Insurance Act of 1940 to provide financial protection to military personnel and their families. It is one of many types of life insurance available to individuals and organizations.