                                 CODE OF VIRGINIA

GRACE PERIOD (§ 38.2-3325)

Each group life insurance policy shall contain a provision that the policyowner
is entitled to a grace period of not less than thirty-one days for the payment
of any premium due except the first. The provision shall also state that during
the grace period the death benefit coverage shall continue in force, unless the
policyowner has given the insurer written notice of discontinuance in accordance
with the terms of the policy and in advance of the date of discontinuance. The
policy may provide that the policyowner shall be liable to the insurer for the
payment of a pro rata premium for the time the policy was in force during the
grace period.

HISTORY: 1960, c. 273, § 38.1-424.1; 1986, c. 562.