§3813. Grace period

Link to law: http://legislature.vermont.gov/statutes/section/08/103/03813
Published: 2015

Print

The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

103

:
LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS






Subchapter

005
:
GROUP LIFE INSURANCE










 

§

3813. Grace period

The group life

insurance policy shall contain a provision that the policyholder is entitled to

a grace period of 31 days for the payment of any premium due except the first,

during which grace period the death benefit coverage shall continue in force,

unless the policyholder shall have given the insurer written notice of

discontinuance in advance of the date of discontinuance and in accordance with

the terms of the policy. The policy may provide that the policyholder shall be

liable to the insurer for the payment of a pro rata premium for the time the

policy was in force during such grace period. (1967, No. 344 (Adj. Sess.), § 1

(ch. 2, subch. 6, § 13).)
Read Entire Law on legislature.vermont.gov