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§ 17-302. Grace period for payment of premiums

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 17. Group Life Insurance
Subtitle 3. Group Life Insurance Policy Provisions (Refs & Annos)
MD Code, Insurance, § 17-302
§ 17-302. Grace period for payment of premiums
Currentness
In general
(a) Each policy of group life insurance shall contain a provision that the policyholder is entitled to a grace period of 31 days for payment of any premium due except the first premium.
Death benefit coverage
(b) The death benefit coverage continues in force during the grace period unless the policyholder has given the insurer written notice of discontinuance before the date of discontinuance and in accordance with the terms of the policy.
Pro rata premium for time policy in force
(c) The policy may provide that the policyholder is liable to the insurer for paying a pro rata premium for the time the policy was in force during the grace period.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 427.
MD Code, Insurance, § 17-302, MD INSURANCE § 17-302
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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