State Codes and Statutes
Statutes > Virginia > Title-38-2 > Chapter-33 > 38-2-3343§ 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.)
