(a) There shall be a provision that the insured is entitled to a grace period of four (4) weeks within which the payment of any premiums after the first may be made, except that in policies for which the premiums are payable monthly, the period of grace shall be one (1) month, but not less than thirty (30) days.
(b) If during the grace period the policy becomes a claim, then any overdue and unpaid premiums may be deducted from any settlement under the policy.
Section: Previous 23-82-102 23-82-103 23-82-104 23-82-105 23-82-106 23-82-107 23-82-108 23-82-109 23-82-110 23-82-111 23-82-112 23-82-113 23-82-114 23-82-115 NextLast modified: November 15, 2016