{"law_id":"786438","section_number":"38.2-3303","catch_line":"Grace period","history":"Code 1950, \u00a7 38-371(2); 1950, p. 179; 1952, c. 317, \u00a7 38.1-392; 1986, c. 562.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/38.2-3303\/","refers_to":false,"url":"\/38.2-3303\/","token":"38.2\/33\/1\/38.2-3303","structure":{"1":{"id":"2162","name":"Life Insurance Policies; Annuities","identifier":"1","label":"article","url":"\/38.2\/33\/1\/"},"2":{"id":"192","name":"Life Insurance Policies","identifier":"33","label":"chapter","url":"\/38.2\/33\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"786438","structure_id":"2162","full_text":"A Each individual life insurance policy shall contain a provision that the insured is entitled to a grace period of not less than thirty-one days within which the payment of any premium after the first premium may be made, subject at the insurer’s option to an interest charge that is not to exceed six percent per year for the number of days of grace elapsing before the payment of the premium.\r\rB The provision shall also state that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period before the overdue premium or any overdue premium installment is paid, the amount of any earned overdue premium or installment through the policy month of death with interest may be deducted from any amount payable under the policy in settlement. The grace period shall start on the premium payment due date.\r\r","text":{"0":{"id":"2536919","text":"Each individual life insurance policy shall contain a provision that the insured is entitled to a grace period of not less than thirty-one days within which the payment of any premium after the first premium may be made, subject at the insurer’s option to an interest charge that is not to exceed six percent per year for the number of days of grace elapsing before the payment of the premium.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2536920","text":"The provision shall also state that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period before the overdue premium or any overdue premium installment is paid, the amount of any earned overdue premium or installment through the policy month of death with interest may be deducted from any amount payable under the policy in settlement. The grace period shall start on the premium payment due date.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1}},"ancestry":{"1":{"id":"2162","name":"Life Insurance Policies; Annuities","identifier":"1","label":"article","url":"\/38.2\/33\/1\/"},"2":{"id":"192","name":"Life Insurance Policies","identifier":"33","label":"chapter","url":"\/38.2\/33\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"structure_contents":{"0":{"id":"784953","structure_id":"2162","section_number":"38.2-3300","catch_line":"Requirements; exceptions","url":"\/38.2-3300\/","token":"38.2\/33\/1\/38.2-3300"},"1":{"id":"786891","structure_id":"2162","section_number":"38.2-3301","catch_line":"Ten-day right to examine policy","url":"\/38.2-3301\/","token":"38.2\/33\/1\/38.2-3301"},"2":{"id":"779324","structure_id":"2162","section_number":"38.2-3301.1","catch_line":"Delivery of individual life insurance policies","url":"\/38.2-3301.1\/","token":"38.2\/33\/1\/38.2-3301.1"},"3":{"id":"774989","structure_id":"2162","section_number":"38.2-3302","catch_line":"How premiums payable","url":"\/38.2-3302\/","token":"38.2\/33\/1\/38.2-3302"},"4":{"id":"786438","structure_id":"2162","section_number":"38.2-3303","catch_line":"Grace period","url":"\/38.2-3303\/","token":"38.2\/33\/1\/38.2-3303"},"5":{"id":"791860","structure_id":"2162","section_number":"38.2-3304","catch_line":"Policy constitutes entire contract; statements deemed representations","url":"\/38.2-3304\/","token":"38.2\/33\/1\/38.2-3304"},"6":{"id":"787706","structure_id":"2162","section_number":"38.2-3305","catch_line":"Incontestability","url":"\/38.2-3305\/","token":"38.2\/33\/1\/38.2-3305"},"7":{"id":"790778","structure_id":"2162","section_number":"38.2-3306","catch_line":"Misstatement of age","url":"\/38.2-3306\/","token":"38.2\/33\/1\/38.2-3306"},"8":{"id":"796175","structure_id":"2162","section_number":"38.2-3307","catch_line":"Participation in surplus","url":"\/38.2-3307\/","token":"38.2\/33\/1\/38.2-3307"},"9":{"id":"780557","structure_id":"2162","section_number":"38.2-3308","catch_line":"Policy loans","url":"\/38.2-3308\/","token":"38.2\/33\/1\/38.2-3308"},"10":{"id":"768516","structure_id":"2162","section_number":"38.2-3309","catch_line":"Nonforfeiture benefits and cash surrender values","url":"\/38.2-3309\/","token":"38.2\/33\/1\/38.2-3309"},"11":{"id":"793244","structure_id":"2162","section_number":"38.2-3310","catch_line":"Table of values and options","url":"\/38.2-3310\/","token":"38.2\/33\/1\/38.2-3310"},"12":{"id":"770015","structure_id":"2162","section_number":"38.2-3311","catch_line":"Reinstatement","url":"\/38.2-3311\/","token":"38.2\/33\/1\/38.2-3311"},"13":{"id":"769063","structure_id":"2162","section_number":"38.2-3312","catch_line":"Settlement","url":"\/38.2-3312\/","token":"38.2\/33\/1\/38.2-3312"},"14":{"id":"770187","structure_id":"2162","section_number":"38.2-3313","catch_line":"Table of installments","url":"\/38.2-3313\/","token":"38.2\/33\/1\/38.2-3313"},"15":{"id":"768214","structure_id":"2162","section_number":"38.2-3314","catch_line":"Title","url":"\/38.2-3314\/","token":"38.2\/33\/1\/38.2-3314"},"16":{"id":"781787","structure_id":"2162","section_number":"38.2-3315","catch_line":"Variations for certain forms of policies; providing more favorable terms","url":"\/38.2-3315\/","token":"38.2\/33\/1\/38.2-3315"},"17":{"id":"790877","structure_id":"2162","section_number":"38.2-3316","catch_line":"Provisions prohibited","url":"\/38.2-3316\/","token":"38.2\/33\/1\/38.2-3316"},"18":{"id":"768009","structure_id":"2162","section_number":"38.2-3317","catch_line":"Provisions required by other jurisdictions","url":"\/38.2-3317\/","token":"38.2\/33\/1\/38.2-3317"}},"previous_section":{"id":"774989","structure_id":"2162","section_number":"38.2-3302","catch_line":"How premiums payable","url":"\/38.2-3302\/","token":"38.2\/33\/1\/38.2-3302"},"next_section":{"id":"791860","structure_id":"2162","section_number":"38.2-3304","catch_line":"Policy constitutes entire contract; statements deemed representations","url":"\/38.2-3304\/","token":"38.2\/33\/1\/38.2-3304"},"references":false,"formats":{"txt":"\/38.2-3303.txt","json":"\/38.2-3303.json","xml":"\/38.2-3303.xml"},"dublin_core":{"Title":"Grace period","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3303","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nGRACE PERIOD (\u00a7 38.2-3303)\n\nA. Each individual life insurance policy shall contain a provision that the\ninsured is entitled to a grace period of not less than thirty-one days within\nwhich the payment of any premium after the first premium may be made, subject at\nthe insurer’s option to an interest charge that is not to exceed six\npercent per year for the number of days of grace elapsing before the payment of\nthe premium.\n\nB. The provision shall also state that during the grace period the policy shall\ncontinue in full force, but if a claim arises under the policy during the grace\nperiod before the overdue premium or any overdue premium installment is paid,\nthe amount of any earned overdue premium or installment through the policy month\nof death with interest may be deducted from any amount payable under the policy\nin settlement. The grace period shall start on the premium payment due date.\n\nHISTORY: Code 1950, \u00a7 38-371(2); 1950, p. 179; 1952, c. 317, \u00a7 38.1-392; 1986,\nc. 562."}