Exams / Wyoming Life Insurance License / Wyo. Stat. §26-16-103
Wyo. Stat. §26-16-103 — what it says, and how the exam tests it
This section is cited by 5 of our practice questions and is tested on 3 exams including the Wyoming Life Insurance License.
The text
26-16-103. Grace period. A grace period of thirty (30) days, or, at the insurer's option, of one (1) month of not less than thirty (30) days, or of four (4) weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, shall be allowed within which the payment of any premium after the first may be made. The policy shall continue in full force during the grace period, which shall be counted from the premium due date specified in the policy. The insurer may impose an interest charge not to exceed six percent (6%) per annum for the number of days of grace elapsing before the payment of the premium, and, whether or not the interest charge is imposed, if a claim arises under the policy during the grace period the amount of any premium due or overdue, together with interest and any deferred installment of the annual premium, may be deducted from the policy proceeds.
Public record. Read the full, current section at the official source: wyoleg.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Wyoming law, what is the grace period for an individual life insurance policy?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - Under Wyoming law, what is the maximum interest rate an insurer may charge on overdue premiums during the grace period of a life insurance policy?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - Under Wyoming law, if a claim arises during the grace period of a life insurance policy, what may the insurer deduct from the policy proceeds?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only →