In group annuity contracts there shall be a provision that there shall be a period of grace of thirty-one days within which any stipulated payment to be remitted by the holder to the insurer, falling due after one year from date of issue, may be made, subject, at the option of the insurer, to an interest charge thereon at a rate to be specified in the contract, which shall not exceed six percent per annum for the number of days of grace elapsing before such payment.
Structure West Virginia Code
Article 14. Group Life Insurance
§33-14-5a. Credit Union Groups
§33-14-6. Limits of Group Life Insurance
§33-14-8. Group Life Standard Provisions
§33-14-13. Misstatement of Age
§33-14-16. Conversion on Termination of Employment or of Membership in Eligible Class
§33-14-17. Conversion on Termination of Policy
§33-14-18. Death Pending Conversion
§33-14-19. Certificate or Statement of Coverage to Debtor
§33-14-20. Notice of Conversion Rights
§33-14-21. Application of Dividends and Rate Reductions to Cost of Insurance
§33-14-22. Group Annuity Contracts -- Standard Provisions
§33-14-23. Same -- Grace Period
§33-14-24. Same -- Entire Contract
§33-14-25. Same -- Misstatements
§33-14-26. Same -- Termination Benefits