2005 Minnesota Statutes - 61A.10 — Extension of time for payment of premiums.

     61A.10 Extension of time for payment of premiums.  


    Parties to any policy of life insurance now or hereafter 
 issued shall have the right at any time to mutually agree, in 
 writing, for an extension of time in which to pay a second or 
 subsequent premium on the policy, upon condition that the 
 failure to pay the amount agreed upon at the time agreed, shall 
 lapse the policy as of the date mutually agreed upon in the 
 writing; provided, no such agreement shall impair any right to 
 extended or paid-up insurance which the insured may have under 
 the policy, nor any right to have the premiums, any part 
 thereof, or the amount payable for the extension charged against 
 the policy under the terms of the policy.  No such agreement 
 need be attached to or made a part of the insurance policy so 
 affected.  


    HIST: 1967 c 395 art 2 s 10