Ohio Code 3915.10 – Time extension for premium payments
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A life insurance company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium, or part thereof, upon the condition that failure to comply with the terms of such agreement shall lapse the policy. Subject to any lien that may be created to secure any indebtedness contracted by the insured in consideration of such extension, said agreement shall not impair any right existing under the policy.
Terms Used In Ohio Code 3915.10
- company: includes corporations and associations. See Ohio Code 3915.01
- in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
- Lien: A claim against real or personal property in satisfaction of a debt.