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§ 16-202. Grace period requirements

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 2. Life Insurance Policy Provisions (Refs & Annos)
MD Code, Insurance, § 16-202
§ 16-202. Grace period requirements
Currentness
In general
(a)(1) Each policy of life insurance shall contain a provision that a grace period shall be allowed within which the payment of any premium after the first may be made.
(2) The grace period shall be:
(i) 30 days;
(ii) at the option of the insurer, 1 month of not less than 30 days; or
(iii) 4 weeks, for a policy of industrial life insurance with premiums payable more frequently than monthly.
Policy in full force during grace period
(b) The policy continues in full force during the grace period.
Claims arising during grace period
(c) If a claim arises under the policy during the grace period, the amount of any premium due or overdue may be deducted from the policy proceeds.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 389.
MD Code, Insurance, § 16-202, MD INSURANCE § 16-202
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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