{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3343.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3343.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3343.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3343.html"}],"law_id":81386,"edition_id":1,"section_id":81386,"structure_id":15143,"section_number":"38.2-3343","catch_line":"Grace period","history":"Code 1950, \u00a7 38-434(1); 1952, c. 317, \u00a7 38.1-411; 1986, c. 562.","full_text":"A\n\nEach industrial life insurance policy shall contain a provision that the insured is entitled to a grace period of twenty-eight days within which the payment of any premium after the first may be made. This grace period shall terminate at noon on the twenty-eighth day after the due date of the defaulted premium. However, for monthly payment policies the insured shall be entitled to a grace period of not less than thirty-one days.B\n\nEach policy shall also contain a provision that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period and before the overdue premiums are paid, the amount of overdue premiums may be deducted in any settlement under the policy.","order_by":null,"text":{"0":{"id":291649,"text":"Each industrial life insurance policy shall contain a provision that the insured is entitled to a grace period of twenty-eight days within which the payment of any premium after the first may be made. This grace period shall terminate at noon on the twenty-eighth day after the due date of the defaulted premium. However, for monthly payment policies the insured shall be entitled to a grace period of not less than thirty-one days.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":291650,"text":"Each policy shall also contain a provision that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period and before the overdue premiums are paid, the amount of overdue premiums may be deducted in any settlement under the policy.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15143,"edition_id":1,"name":"Industrial Life Insurance Policies","identifier":"3","label":"article","depth":3,"order_by":1,"parent_id":13164,"metadata":{},"date_created":"2026-06-26 03:52:30","date_modified":"2026-06-26 03:52:30","permalink":{"id":214825,"object_type":"structure","relational_id":15143,"identifier":"3","token":"38.2\/33\/3","url":"\/38.2\/33\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13164,"edition_id":1,"name":"Life Insurance Policies","identifier":"33","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:22","date_modified":"2026-06-26 03:44:22","permalink":{"id":214627,"object_type":"structure","relational_id":13164,"identifier":"33","token":"38.2\/33","url":"\/38.2\/33\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":81893,"structure_id":15143,"section_number":"38.2-3340","catch_line":"Definition of industrial life insurance","url":"\/38.2-3340\/","token":"38.2\/33\/3\/38.2-3340","metadata":false},{"id":77512,"structure_id":15143,"section_number":"38.2-3341","catch_line":"Standard provisions required","url":"\/38.2-3341\/","token":"38.2\/33\/3\/38.2-3341","metadata":false},{"id":65601,"structure_id":15143,"section_number":"38.2-3342","catch_line":"Ten-day right to examine policy","url":"\/38.2-3342\/","token":"38.2\/33\/3\/38.2-3342","metadata":false},{"id":81386,"structure_id":15143,"section_number":"38.2-3343","catch_line":"Grace period","url":"\/38.2-3343\/","token":"38.2\/33\/3\/38.2-3343","metadata":false},{"id":78410,"structure_id":15143,"section_number":"38.2-3344","catch_line":"Policy and application to constitute entire contract; statements deemed representations","url":"\/38.2-3344\/","token":"38.2\/33\/3\/38.2-3344","metadata":false},{"id":71274,"structure_id":15143,"section_number":"38.2-3345","catch_line":"Incontestability","url":"\/38.2-3345\/","token":"38.2\/33\/3\/38.2-3345","metadata":false},{"id":85567,"structure_id":15143,"section_number":"38.2-3346","catch_line":"Misstatement of age","url":"\/38.2-3346\/","token":"38.2\/33\/3\/38.2-3346","metadata":false},{"id":71365,"structure_id":15143,"section_number":"38.2-3347","catch_line":"Nonforfeiture benefits and cash surrender values","url":"\/38.2-3347\/","token":"38.2\/33\/3\/38.2-3347","metadata":false},{"id":71652,"structure_id":15143,"section_number":"38.2-3348","catch_line":"Reinstatement","url":"\/38.2-3348\/","token":"38.2\/33\/3\/38.2-3348","metadata":false},{"id":86616,"structure_id":15143,"section_number":"38.2-3349","catch_line":"Table of nonforfeiture options","url":"\/38.2-3349\/","token":"38.2\/33\/3\/38.2-3349","metadata":false},{"id":71343,"structure_id":15143,"section_number":"38.2-3350","catch_line":"Settlement","url":"\/38.2-3350\/","token":"38.2\/33\/3\/38.2-3350","metadata":false},{"id":79343,"structure_id":15143,"section_number":"38.2-3351","catch_line":"Title","url":"\/38.2-3351\/","token":"38.2\/33\/3\/38.2-3351","metadata":false},{"id":64143,"structure_id":15143,"section_number":"38.2-3352","catch_line":"Provisions not required in certain policies","url":"\/38.2-3352\/","token":"38.2\/33\/3\/38.2-3352","metadata":false},{"id":57691,"structure_id":15143,"section_number":"38.2-3353","catch_line":"Provisions required by other jurisdictions","url":"\/38.2-3353\/","token":"38.2\/33\/3\/38.2-3353","metadata":false},{"id":66416,"structure_id":15143,"section_number":"38.2-3354","catch_line":"Prohibited provisions","url":"\/38.2-3354\/","token":"38.2\/33\/3\/38.2-3354","metadata":false}],"previous_section":{"id":65601,"structure_id":15143,"section_number":"38.2-3342","catch_line":"Ten-day right to examine policy","url":"\/38.2-3342\/","token":"38.2\/33\/3\/38.2-3342","metadata":false},"next_section":{"id":78410,"structure_id":15143,"section_number":"38.2-3344","catch_line":"Policy and application to constitute entire contract; statements deemed representations","url":"\/38.2-3344\/","token":"38.2\/33\/3\/38.2-3344","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3343\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":214839,"object_type":"law","relational_id":81386,"identifier":"38.2-3343","token":"38.2\/33\/3\/38.2-3343","url":"\/38.2-3343\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3343\/","token":"38.2\/33\/3\/38.2-3343","dublin_core":{"Title":"Grace period","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3343","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each industrial life insurance<\/span> policy shall contain a provision that the insured is entitled to a grace period of twenty-eight days within which the payment of any premium after the first may be made. This grace period shall terminate at noon on the twenty-eighth day after the due date of the defaulted premium. However, for monthly payment policies the insured shall be entitled to a grace period of not less than thirty-one days. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each policy shall also contain a provision that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period and before the overdue premiums are paid, the amount of overdue premiums may be deducted in any settlement<\/span> under the policy. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nGRACE PERIOD (\u00a7 38.2-3343)\n\nA. Each industrial life insurance policy shall contain a provision that the\ninsured is entitled to a grace period of twenty-eight days within which the\npayment of any premium after the first may be made. This grace period shall\nterminate at noon on the twenty-eighth day after the due date of the defaulted\npremium. However, for monthly payment policies the insured shall be entitled to\na grace period of not less than thirty-one days.\n\nB. Each policy shall also contain a provision that during the grace period the\npolicy shall continue in full force, but if a claim arises under the policy\nduring the grace period and before the overdue premiums are paid, the amount of\noverdue premiums may be deducted in any settlement under the policy.\n\nHISTORY: Code 1950, \u00a7 38-434(1); 1952, c. 317, \u00a7 38.1-411; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}