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Va insurance loan Form: What You Should Know
To purchase for life, you must meet the following requirements. You: Are at least 62 years of age on or after March 24, 1993. Are eligible for SDSI under this program. For the first 2 years after retirement, no more than 1,500 SDSI each year may be used, and you must have enough of this policy to buy yourself a new car or truck. You may have as much SDSI as you like to spend on any other purpose of purchasing any vehicle. You cannot hold this policy for any purpose other than to buy a vehicle. This policy is not transferable. If you transfer this policy or your ownership interest in it, the transferee becomes the policyholder and subject to the policy terms. You submit a deposit and pay a monthly premium up to 8 percent. The value of the policy is equal to the policy premium plus a monthly service premium of up to 8.50. The policy carries not more than the face amount of the insurance. If it is lost, stolen, or destroyed, as a reasonable precaution, you may be entitled to reimbursement. Insurance is payable to a bank or trust company located in the State of Oregon, or in the county where you live. In the event of death of the insured, the policyholder may have the insureds' property passed to him. To insure an estate of this type, a licensed and insured attorney who is competent to conduct all estate planning and administration should be retained within 72 hours after notification of the insured's death. The attorney is to provide legal services for the deceased from his own resources, unless specifically required to give advice or representation to a beneficiary, with no fee or charge to the beneficiary or his beneficiaries. The policy may be reinsured under other policies on behalf of the insured or of beneficiaries that do not meet the eligibility criteria as to this policy. The policy is not transferable. If the policy is lost, stolen, or destroyed, as a reasonable precaution, you may be entitled to reimbursement. The insurance will always carry the full premium and the policy coverage for loss by fire or other casualty. You may have as much SDSI as you like to spend on any other purpose of buying any vehicle. You cannot hold this policy for any purpose other than to buy a new car or truck. This policy is not transferable. You are not entitled to reimbursement for the policy premiums or the monthly service premium. You are not required to surrender your insurance policy to meet this application.
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