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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).)