78643838.2-3303Virginia Decodedhttps://vacode.org2016InsuranceLife Insurance PoliciesLife Insurance Policies; AnnuitiesGrace periodCode 1950, § 38-371(2); 1950, p. 179; 1952, c. 317, § 38.1-392; 1986, c. 562.http://law.lis.virginia.gov/vacode/38.2-3303//38.2-3303/38.2/33/1/38.2-3303

section

A

AA1

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.section

B

BB1