                                 CODE OF VIRGINIA

REQUIRED GRACE PERIOD (§ 38.2-4014)

Each certificate shall have a provision that the certificate holder is entitled
to a grace period of thirty-one days within which the payment of any call or
assessment may be paid after the first month. The provision shall also state
that during the grace period the certificate shall continue in full force, but
if a claim arises under the policy during the grace period but before the call
or assessment is paid, the amount of the call or assessment may be deducted from
the amount payable under the certificate.

HISTORY: Code 1950, §§ 38-145, 38-449; 1952, c. 317, §§ 38.1-543, 38.1-555;
1986, c. 562.