US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 19
                           LIFE INSURANCE POLICIES
                            AND ANNUITY CONTRACTS
    41-1918.  GRACE PERIOD -- ANNUITIES. In an annuity or pure endowment
contract, other than a reversionary, survivorship or group annuity, there
shall be a provision that there shall be a period of grace of one month, but
not less than thirty (30) 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 per cent (6%) 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 or 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.