State RegulationsVA specificDifficulty 2/5
Which statement correctly describes the grace period for an individual life policy under Va. Code § 38.2-3303?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under Va. Code § 38.2-3303, the grace period of at least 31 days runs from the premium due date — not from a notice or a bill — and the policy remains in force throughout the grace period. Those two features are what make the provision meaningful: the clock is objective and starts without any insurer action, and the coverage does not blink off while the policyowner is within the window. If the insured dies during grace, the death benefit is payable subject to deduction of the overdue premium and interest.
Why the other options are wrong
- A) The grace period starts on the premium due date under Va. Code § 38.2-3303, and coverage stays in force — no lapse notice and no suspension are involved.
- C) The trigger is the due date fixed by the policy, not a billing statement or insurer discretion.
- D) The grace period applies after each premium falls due, not merely to the first one.
Memory hook
Due date starts the clock; in force the whole time.