38.2-4014 - Required grace period. - Virginia Statutes

§ 38.2-4014. Required grace period.

Each certificate shall have a provision that the certificate holder isentitled to a grace period of thirty-one days within which the payment of anycall or assessment may be paid after the first month. The provision shallalso state that during the grace period the certificate shall continue infull force, but if a claim arises under the policy during the grace periodbut before the call or assessment is paid, the amount of the call orassessment may be deducted from the amount payable under the certificate.

(Code 1950, §§ 38-145, 38-449; 1952, c. 317, §§ 38.1-543, 38.1-555; 1986, c.562.)