Each certificate shall have a provision that the certificate holder is entitled to a grace period of thirty-one days within which the payment of any call or assessment may be paid after the first month. The provision shall also state that during the grace period the certificate shall continue in full force, but if a claim arises under the policy during the grace period but before the call or assessment is paid, the amount of the call or assessment may be deducted from the amount payable under the certificate.

contract signature

Ask a consumer protection question, get an answer ASAP!
Thousands of highly rated, verified consumer protection lawyers.
Help with credit card debt, collections, defective products
Get help with bankruptcy, filing complaints, extended warranties & more
Click here to chat with a lawyer about your rights.

Terms Used In Virginia Code 38.2-4014

  • 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 and "year" means a calendar year. See Virginia Code 1-223
  • State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100

Code 1950, §§ 38-145, 38-449; 1952, c. 317, §§ 38.1-543, 38.1-555; 1986, c. 562.

  Previous section
Next section  
 Chapter 40 Contents