State RegulationsVA specificDifficulty 1/5
Under Va. Code § 38.2-3303, what minimum grace period must an individual life insurance policy in Virginia give the policyowner after each premium falls due?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Va. Code § 38.2-3303 requires an individual life policy to provide a grace period of at least 31 days after each premium falls due. During that window the policy stays in force, and the policyowner can pay the overdue premium to keep the coverage intact. Virginia's 31-day life grace is longer than the period many candidates expect, and it is a signature Virginia number — distinct from the 10-day free look and from the shorter grace periods used in other product lines.
Why the other options are wrong
- B) 10 days is the free-look examination period under Va. Code § 38.2-3301, not the grace period of Va. Code § 38.2-3303.
- C) 45 days exceeds the statutory minimum; Virginia requires at least 31 days of grace.
- D) 60 days overstates the requirement; the grace period floor is 31 days.
Memory hook
Virginia life grace = 31 days: the premium is late, the coverage is not.