2006 Code of Virginia § 38.2-3343 - Grace period

38.2-3343. Grace period.

A. Each industrial life insurance policy shall contain a provision that theinsured is entitled to a grace period of twenty-eight days within which thepayment of any premium after the first may be made. This grace period shallterminate at noon on the twenty-eighth day after the due date of thedefaulted premium. However, for monthly payment policies the insured shallbe entitled to a grace period of not less than thirty-one days.

B. Each policy shall also contain a provision that during the grace periodthe policy shall continue in full force, but if a claim arises under thepolicy during the grace period and before the overdue premiums are paid, theamount of overdue premiums may be deducted in any settlement under the policy.

(Code 1950, 38-434(1); 1952, c. 317, 38.1-411; 1986, c. 562.)