33-20-104. Grace period. There shall be a provision that a grace period of 30 days or, at the option of the insurer, of 1 month of not less than 30 days or of 4 weeks in the case of industrial life insurance policies, the premiums for which are payable more frequently than monthly, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force; but if a claim arises under the policy during such period of grace, the amount of any premium due or overdue may be deducted from the policy proceeds.
History: En. Sec. 298, Ch. 286, L. 1959; R.C.M. 1947, 40-3804.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
33-20-102. Industrial life insurance defined
33-20-103. Standard provisions required -- exceptions
33-20-107. Misstatement of age
33-20-109. Renumbered 33-20-131
33-20-111. Table of installments
33-20-113. Payment of premiums
33-20-114. Payment of claims -- interest
33-20-115. Beneficiary -- industrial policies
33-20-117. Nonforfeiture rights -- policies issued before operative date
33-20-118. Contestability -- excluded or restricted coverage
33-20-120. Policy settlements -- holding proceeds -- indebtedness deducted from proceeds
33-20-121. Prohibited provisions -- limitations on liability
33-20-122. Prohibited provisions -- industrial life insurance
33-20-123. Prohibited policy plans -- life insurance policies or annuity contracts
33-20-124. Policy provisions -- conformity with state statutes
33-20-125. and 33-20-126 reserved
33-20-128. Life insurance policy paying long-term benefits -- monthly report
33-20-129. and 33-20-130 reserved
33-20-131. Policy loan or certificate loan
33-20-132. Variable policy loan interest rates -- purpose
33-20-133. Variable interest rates -- exclusions from application
33-20-134. Variable interest rates -- published monthly average defined
33-20-135. Variable interest rates on policy loans
33-20-136. Variable interest rates -- applicability to policies issued before October 1985
33-20-137. through 33-20-140 reserved
33-20-141. Notice required for cancellation
33-20-142. Contents of notice -- proof -- limitation on recovery -- exemptions
33-20-143. through 33-20-149 reserved
33-20-150. Life insurance policy and sales illustrations -- annuity disclosure -- rules