38.2-3325 - Grace period. - Virginia Statutes

§ 38.2-3325. Grace period.

Each group life insurance policy shall contain a provision that thepolicyowner is entitled to a grace period of not less than thirty-one daysfor the payment of any premium due except the first. The provision shall alsostate that during the grace period the death benefit coverage shall continuein force, unless the policyowner has given the insurer written notice ofdiscontinuance in accordance with the terms of the policy and in advance ofthe date of discontinuance. The policy may provide that the policyownershall be liable to the insurer for the payment of a pro rata premium for thetime the policy was in force during the grace period.

(1960, c. 273, § 38.1-424.1; 1986, c. 562.)