31A-22-513. Grace period.
117 words·~1 min read·
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31A-22-513. Grace period.
(a)Every group life insurance policy shall contain a provision that the policyholder is entitled to a grace period of not less than 31 days for the payment of any premium due except the first payment of premium.
(b)During the grace period described in Subsection (1)(a) the death benefit coverage continues in force, unless the policyholder gives the insurer written notice of discontinuance:
(i)in advance of the date of discontinuance; and
(ii)in accordance with the policy terms.
(2)The policy may require the policyholder to pay the pro rata premium for the time the policy is in force during the grace period.
Amended by Chapter 114 , 2000 General Session