Legal Junkies Forums

#1 Community for Legal Questions and Answers

 
Go Back   Legal Junkies Forums > ACCIDENTS, PERSONAL INJURY, INSURANCE > Insurance Issues > Is it legal in NY to have an insurance policy with no grace period?

Register FAQ Tags Members List Social Groups Search Today's Posts Mark Forums Read Layout

Notices


Thread: Is it legal in NY to have an insurance policy with no grace period? Reply to Thread

Your Username: Click here to log in
Random question to prevent spam. Must answer.
Title:
  
Message:
Post Icons
You may choose an icon for your message from the following list:
 

Additional Options

Miscellaneous Options
Rate Thread
If you like, you can add a score for this thread.

Topic Review (Newest First)

11-29-2019 08:53 AM
adjusterjack
Re: Is it legal in NY to have an insurance policy with no grace period?

Quote:
Originally Posted by BENN399 View Post
Is it legal in NY to have an insurance policy with no grace period?
What kind of policy?
11-28-2019 11:50 PM
Lexus
Re: Is it legal in NY to have an insurance policy with no grace period?

An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing. The insurance grace period can vary depending on the insurer and policy type. Under New York Insurance Law, every flexible premium life insurance policy must provide for a grace period wherein after payment of the first premium, the policyholder is entitled to a sixty-one day grace period after the day the insurer determines that the policy’s net cash surrender value is insufficient to pay the total charges necessary to keep the policy in force. For all other policies, after payment of the first premium, the policyholder is entitled to a thirty-one day grace period to pay the premium due. During the grace period, the policy will continue in force.
11-28-2019 06:29 PM
BENN399
Is it legal in NY to have an insurance policy with no grace period?

Is it legal in NY to have an insurance policy with no grace period?

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off




All times are GMT -5. The time now is 06:01 PM.


Use of the Forums is subject to our Disclaimer. Copyright 2009-2020 by LegalJunkies.com