20-1203. Grace period
There shall be a provision that a grace period of thirty days, or, at the option of
the insurer, of one month of not less than thirty days, shall be allowed within which the
payment of any premium after the first may be made, during which period of grace the
policy shall continue in full force. If a claim arises under the policy during the period
of grace before the overdue premium is paid, the amount of the premium may be deducted
from the policy proceeds.
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