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Maryland Code, Insurance § 16-202

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

(b) The policy continues in full force during the 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.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 16-202 - last updated January 01, 2025 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-16-202/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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