(a) There shall be a provision that a grace period of thirty (30) days, or, at the option of the insurer, of one (1) month of not less than thirty (30) days, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force.
(b) However, if a claim arises under the policy during that period of grace, the amount of any premium due or overdue may be deducted from the policy proceeds.
Section: Previous 23-81-102 23-81-103 23-81-104 23-81-105 23-81-106 23-81-107 23-81-108 23-81-109 23-81-110 23-81-111 23-81-112 23-81-113 23-81-114 23-81-115 NextLast modified: November 15, 2016