State RegulationsOH specificDifficulty 1/5
An individual life policy issued in Ohio requires quarterly premiums. What grace period must the policy provide for each premium after the first?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
ORC 3915.05(B) requires every individual life policy to provide a grace of one month for the payment of every premium after the first, during which the insurance continues in force. Ohio deliberately uses the phrase one month rather than a day count — the 31-day figure belongs to group life grace periods and to other contexts, so quoting 31 days for an individual life policy misstates the statute.
Why the other options are wrong
- A) 10 days is far shorter than the grace Ohio mandates for individual life premiums under ORC 3915.05(B).
- B) 31 days is the grace period for group life and certain other contexts, but individual life grace is stated as one month under ORC 3915.05(B).
- D) 15 days is not the individual life grace period; ORC 3915.05(B) provides a grace of one month.
Memory hook
Individual life grace is a full month — Ohio never says 31 days here.