Issued by FDIC
§ 3973. Application for insurance protection
[Section 403 of the Act.]
(a) APPLICATION PROCEDURE- An application for protection under this subchapter shall--
(1) be in writing and signed by the insured, the insured's legal representative, or the insured's beneficiary, as the case may be;
(2) identify the policy and the insurer; and
(3) include an acknowledgement that the insured's rights under the policy are subject to and modified by the provisions of this subchapter.
(b) ADDITIONAL REQUIREMENTS- The Secretary of Veterans Affairs may require additional information from the applicant, the insured and the insurer to determine if the policy is entitled to protection under this subchapter.
(c) NOTICE TO THE SECRETARY BY THE INSURER- Upon receipt of the application of the insured, the insurer shall furnish a report concerning the policy to the Secretary of Veterans Affairs as required by regulations prescribed by the Secretary.
(d) POLICY MODIFICATION- Upon application for protection under this subchapter, the insured and the insurer shall have constructively agreed to any policy modification necessary to give this title full force and effect.