(a) Determination
The Secretary of Veterans Affairs shall determine whether a policy is entitled to protection under this title [sections 541 to 549 of this Appendix] and shall notify the insured and the insurer of that determination.
(b) Lapse protection
A policy that the Secretary determines is entitled to protection under this title [sections 541 to 549 of this Appendix] shall not lapse or otherwise terminate or be forfeited for the nonpayment of a premium, or interest or indebtedness on a premium, after the date on which the application for protection is received by the Secretary.
(c) Time application
The protection provided by this title [sections 541 to 549 of this Appendix] applies during the insured's period of military service and for a period of two years thereafter.