2019 Maryland Code
Insurance
Title 16 - Life Insurance and Annuities
Subtitle 2 - Life Insurance Policy Provisions
§ 16-202. Grace period

Universal Citation: MD Ins Code § 16-202 (2019)

    (a)    (1)    Each policy of life insurance shall contain a provision that a grace period shall be allowed within which the payment of any premium after the first may be made.

        (2)    The grace period shall be:

            (i)    30 days;

            (ii)    at the option of the insurer, 1 month of not less than 30 days; or

            (iii)    4 weeks, for a policy of industrial life insurance with premiums payable more frequently than monthly.

    (b)    The policy continues in full force during the grace period.

    (c)    If a claim arises under the policy during the grace period, the amount of any premium due or overdue may be deducted from the policy proceeds.

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