304.15-060 Grace period.
There shall be a provision that a grace period of thirty (30) days, or, at the option of the <br>insurer, of one (1) month of not less than thirty (30) days, or of four (4) weeks in the case <br>of industrial life insurance policies the premiums for which are payable more frequently <br>than monthly, shall be allowed within which the payment of any premium after the first <br>may be made, during which period of grace the policy shall continue in full force. The <br>insurer may impose an interest charge for the number of days of grace elapsing before the <br>payment of the premium, and, whether or not such interest charge is imposed, if a claim <br>arises under the policy during such period of grace, the amount of any premium due or <br>overdue, together with interest and any deferred installment of the annual premium, may <br>be deducted from the policy proceeds. The grace period shall date from the premium due <br>date specified in the policy.
Effective: June 18, 1970 <br>History: Created 1970 Ky. Acts ch. 301, subtit. 15, sec. 6, effective June 18, 1970.
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