There shall be a provision that a grace period of 30 days, or, at the option of the insurer, of one month of not less than 30 days, or of four weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, is allowed within which the payment of each premium after the first premium may be made, during which period of grace the policy shall continue in full force. If a claim arises under the policy during the period of grace the amount of the premium due or overdue may be deducted from the policy proceeds.
Section: Previous 21.45.010 21.45.020 21.45.030 21.45.040 21.45.050 21.45.060 21.45.070 21.45.080 21.45.090 21.45.100 21.45.110 21.45.120 21.45.130 21.45.140 21.45.150 NextLast modified: November 15, 2016