§ 38.2-3325. Grace period
Each group life insurance policy shall contain a provision that the policyowner is entitled to a grace period of not less than thirty-one days for the payment of any premium due except the first. The provision shall also state that during the grace period the death benefit coverage shall continue in force, unless the policyowner has given the insurer written notice of discontinuance in accordance with the terms of the policy and in advance of the date of discontinuance. The policy may provide that the policyowner shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during the grace period.
(1960, c. 273, § 38.1-424.1; 1986, c. 562.)
Sections: Previous 38.2-3321 38.2-3321.1 38.2-3322 38.2-3322.1 38.2-3322.2 38.2-3323 38.2-3324 38.2-3325 38.2-3326 38.2-3327 38.2-3328 38.2-3329 38.2-3330 38.2-3331 38.2-3332 NextLast modified: April 3, 2009