If premium is not paid by the premium due date, an insurer shall allow for a thirty (30) day grace period for which payments shall be paid by the policyholder or contract holder prior to termination of the policy.
Effective: July 15, 2002

Terms Used In Kentucky Statutes 304.17A-243

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Insurer: means any insurance company. See Kentucky Statutes 304.17A-005

History: Created 2002 Ky. Acts ch. 249, sec. 2, effective July 15, 2002.

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