US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 19
                           LIFE INSURANCE POLICIES
                            AND ANNUITY CONTRACTS
    41-1904.  GRACE PERIOD. There shall be a provision that a grace period of
thirty (30) days, or, at the option of the insurer, of one (1) month of not
less than thirty (30) days, or of four (4) weeks in the case of industrial
life insurance policies the premiums for which are payable more frequently
than monthly, shall be allowed within which the payment of any premium after
the first policy year may be made, during which period of grace the policy
shall continue in full force; the insurer may impose an interest charge not in
excess of six per cent (6%) per annum for the number of days of grace elapsing
before the payment of the premium, and, whether or not such interest charge is
imposed, if a claim arises under the policy during such period of grace the
amount of any premium due or overdue, together with interest and any deferred
instalment of the annual premium, may be deducted from the policy proceeds.