A group life insurance policy shall contain in substance a provision that the policyholder is entitled to a grace period of thirty-one (31) days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder shall have given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period.
History: Laws 1984, ch. 127, § 409.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 C.J.S. Insurance § 472.
Structure New Mexico Statutes
Article 21 - Group Life Insurance
Section 59A-21-1 - Short title; purpose.
Section 59A-21-2 - Group contracts must meet requirements.
Section 59A-21-3 - "Group policy" defined.
Section 59A-21-4 - Employee groups.
Section 59A-21-5 - Debtor groups.
Section 59A-21-6 - Labor union groups.
Section 59A-21-7 - Trustee groups.
Section 59A-21-8 - Association groups.
Section 59A-21-9 - Discretionary groups.
Section 59A-21-10 - Dependents' coverage.
Section 59A-21-11 - Standard and required provisions.
Section 59A-21-12 - Grace period.
Section 59A-21-13 - Noncontestability.
Section 59A-21-14 - Statements by insured.
Section 59A-21-15 - Evidence of insurability.
Section 59A-21-16 - Misstatement of age.
Section 59A-21-17 - Payment to beneficiary; funeral expenses.
Section 59A-21-18 - Certificate or statement of insurance protection.
Section 59A-21-20 - Conversion privilege; termination of group policy.
Section 59A-21-21 - Conversion privilege; death benefit.
Section 59A-21-22 - Conversion privilege; extension by failure to give notice.
Section 59A-21-23 - Continuance of coverage during total disability.
Section 59A-21-24 - Assignment of interest under policy.
Section 59A-21-25 - Coverage under group policy issued in another state.
Section 59A-21-27 - Definition.
Section 59A-21-28 - Maximum rate of interest on policy loans.