There shall be a provision that a grace period of 30 days, or, at the option of the insurer, of one month of not less than 30 days, or of four weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, is allowed within which the payment of each premium after the first premium may be made, during which period of grace the policy shall continue in full force. If a claim arises under the policy during the period of grace the amount of the premium due or overdue may be deducted from the policy proceeds.
Structure Alaska Statutes
Chapter 45. Life Insurance and Annuities
Sec. 21.45.010. Applicability.
Sec. 21.45.020. Standards provisions required; return and refund.
Sec. 21.45.040. Incontestability.
Sec. 21.45.050. Entire contract.
Sec. 21.45.060. Misstatement of age.
Sec. 21.45.090. Table of values.
Sec. 21.45.100. Table of installments.
Sec. 21.45.110. Reinstatement.
Sec. 21.45.120. Payment of premiums.
Sec. 21.45.130. Payment of claims.
Sec. 21.45.140. Beneficiary, industrial policies.
Sec. 21.45.160. Excluded or restricted coverage.
Sec. 21.45.170. Standard provisions: annuity and pure endowment contracts.
Sec. 21.45.180. Grace period: annuities.
Sec. 21.45.190. Incontestability: annuities.
Sec. 21.45.200. Entire contract.
Sec. 21.45.210. Misstatement of age or sex: annuities.
Sec. 21.45.220. Dividends: annuities.
Sec. 21.45.230. Reinstatement: annuities.
Sec. 21.45.240. Standard provisions: reversionary annuities.
Sec. 21.45.250. Limitation of liability.
Sec. 21.45.260. Prohibited provisions: industrial life insurance.
Sec. 21.45.270. Incontestability, limitation of liability after reinstatement.
Sec. 21.45.280. Policy settlements.
Sec. 21.45.290. Indebtedness deducted from proceeds.
Sec. 21.45.300. Standard nonforfeiture law for life insurance.
Sec. 21.45.305. Standard nonforfeiture law for individual deferred annuities.