20-1313. Direct payment of premiums
In the case of weekly premium policies, there may be a provision that upon proper notice to the insurer, while premiums on the policy are not in default beyond the grace period, of the intention to pay future premiums directly to the insurer at its home office or any office designated by the insurer for the purpose, the insurer will, at the end of each period of a year from the due date of the first premium so paid, for which period such premiums are so paid continuously without default beyond the grace period, refund a stated percentage of the premiums in an amount which fairly represents the savings in collection expense.
Section: Previous 20-1306 20-1307 20-1308 20-1309 20-1310 20-1311 20-1312 20-1313 20-1314 20-1315 20-1316 20-1317 20-1318 20-1341 20-1342 NextLast modified: October 13, 2016