Alaska Statutes 21.51.060 – Grace period
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“Grace Period: A grace period of (insert a number not less than “7′ for weekly premium policies, “10′ for monthly premium policies and “31′ for all other policies) days will be granted for the payment of each premium falling due after the first premium, during which grace period the policy shall continue in force.”
Terms Used In Alaska Statutes 21.51.060
- 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
- insured: as used in this chapter , may not prevent a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under a policy to any indemnities, benefits, and rights provided in the policy. See Alaska Statutes 21.51.290
“Unless not less than 30 days before the premium due date the insurer has delivered to the insured or has mailed to the last address of the insured as shown by the records of the insurer written notice of its intention not to renew this policy beyond the period for which the premium has been accepted.”