§ 48.23.150. Grace period -- Annuities, pure endowments
In such contracts, there shall be a provision that there shall be a period of grace of one month, but not less than thirty days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer, to an interest charge thereon at a rate to be specified in the contract but not exceeding six percent per annum for the number of days of grace elapsing before such payment, during which period of grace, the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer of the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.
[1947 c 79 § .23.15; Rem. Supp. 1947 § 45.23.15.]
Sections: Previous 48.23.085 48.23.090 48.23.100 48.23.110 48.23.120 48.23.130 48.23.140 48.23.150 48.23.160 48.23.170 48.23.180 48.23.190 48.23.200 48.23.210 48.23.220 NextLast modified: April 7, 2009