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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A group life insurance policy must provide that the policyholder or premium payor is entitled to a grace period of 31 days for the payment of any premium, other than the first, due under the policy. During the grace period, the death benefit coverage continues in force unless the policyholder or premium payor gives the insurer written notice of discontinuance before the date of discontinuance and in accordance with the policy.
(b) The policy may provide that the policyholder or premium payor is liable to the insurer for payment of a pro rata premium for the time the policy was in force during a grace period.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 1131.103. Grace Period - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1131-103/
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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