§ 38.2-3343. Grace period
A. Each industrial life insurance policy shall contain a provision that the insured is entitled to a grace period of twenty-eight days within which the payment of any premium after the first may be made. This grace period shall terminate at noon on the twenty-eighth day after the due date of the defaulted premium. However, for monthly payment policies the insured shall be entitled to a grace period of not less than thirty-one days.
B. Each policy shall also contain a provision that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period and before the overdue premiums are paid, the amount of overdue premiums may be deducted in any settlement under the policy.
(Code 1950, § 38-434(1); 1952, c. 317, § 38.1-411; 1986, c. 562.)
Sections: Previous 38.2-3336 38.2-3337 38.2-3338 38.2-3339 38.2-3340 38.2-3341 38.2-3342 38.2-3343 38.2-3344 38.2-3345 38.2-3346 38.2-3347 38.2-3348 38.2-3349 38.2-3350 NextLast modified: April 3, 2009