20-1259

20-1259. Grace period

In group life policies there shall be a provision that the policyholder is entitled
to a grace period of thirty-one days for the payment of any premium due except the first,
during which grace period the death benefit coverage shall continue in force, unless the
policyholder has given the insurer written notice of discontinuance in advance of the
date of discontinuance and in accordance with the terms of the policy. The policy may
provide that the policyholder shall be liable to the insurer for the payment of a pro
rata premium for the time the policy was in force during such grace period.