Alaska Statutes 21.45.030 – Grace period
Current as of: 2023 | Check for updates
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Terms Used In Alaska Statutes 21.45.030
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- month: means a calendar month unless otherwise expressed. See Alaska Statutes 01.10.060
There shall be a provision that a grace period of 30 days, or, at the option of the insurer, of one month of not less than 30 days, or of four weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, is allowed within which the payment of each premium after the first premium may be made, during which period of grace the policy shall continue in full force. If a claim arises under the policy during the period of grace the amount of the premium due or overdue may be deducted from the policy proceeds.