(1) An individual health insurance policy shall contain a provision as follows: “GRACE PERIOD: A minimum grace period of 10 days after the premium due date will be granted for the payment of each premium falling due after the first premium, during which grace period the policy shall continue in force.”
(2) A policy that contains a cancellation provision may add the following clause at the end of the provision set forth in subsection (1) of this section: “subject to the right of the insurer to cancel in accordance with the cancellation provision hereof.”
(3) A policy in which the insurer reserves the right to refuse renewal shall have the following clause at the beginning of the provision set forth in subsection (1) of this section: “Unless not less than 30 days prior to the premium due date the insurer has delivered to the insured or has mailed to the last address of the insured as shown by the records of the insurer written notice of its intention not to renew this policy beyond the period for which the premium has been accepted. The insurer shall state in the notice the reason for its refusal to renew this policy.” [1967 c.359 §431; 1989 c.784 §19; 2001 c.943 §9]
Section: Previous 743.380 743.402 743.405 743.408 743.411 743.412 743.414 743.417 743.420 743.423 743.426 743.429 743.432 743.435 743.438 NextLast modified: August 7, 2008