38.2-3527 - Grace period. - Virginia Statutes

§ 38.2-3527. Grace period.

Each group accident and sickness insurance policy shall contain a provisionthat the policyowner is entitled to a grace period of not less thanthirty-one days for the payment of any premium due except the first premium.The provision shall also state that during the grace period the accident andsickness coverage shall continue in force unless the policyowner has giventhe insurer written notice of discontinuance in accordance with the terms ofthe policy and in advance of the date of discontinuance. The policy mayprovide that the policyowner shall be liable to the insurer for the paymentof a pro rata premium for the time the policy was in force during the graceperiod.

(1986, c. 562.)