Life Policy ProvisionsQuestion 155 of 315
What is the typical grace period required in a California individual life insurance policy for payment of an overdue premium without lapse of coverage?
a.10 days
b.20 days
c.31 days
d.60 days
Explanation
California life policies must include a grace period of at least one month (typically 31 days). During this period the policy remains in force, and if death occurs, the unpaid premium is deducted from the proceeds.
Law Reference: Cal. Ins. Code §10113Practice all 315 questions free — no signup required.
Related questions on this topic
- Under the incontestability clause required in California life policies, after how many years from the date of issue can an insurer no longer contest the policy except for fraud or non-payment of premium?
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