Section 187F. 1. No life insurance policy, non-cancellable disability insurance contract, hospital expense or hospital and surgical expense contract, now or hereafter in force in the commonwealth, premiums for which are normally collected by insurance agents employed by the insurer, shall terminate or lapse by reason of default in payment of any premium, installment or interest on any policy loan payable to said insurer during the period that said insurer's agents are on strike.
2. The insured or premium payer of any policy or contract of insurance set forth in paragraph 1, shall be entitled to a grace period of thirty-one days immediately following the authorized termination of such strike, within which the payment of any premium, installment or interest on any policy loan may be made, during which period of grace the policy or contract of insurance shall continue in full force and effect.
3. If a claim arises under the policy or contract of insurance during a strike period as set forth in paragraph 1, or during the grace period as set forth in paragraph 2, before the overdue premium, or installment or interest on a policy loan, if any, are paid, the amount of such overdue premium or installment together with interest not to exceed six per cent per annum and the amount of any loan with interest due, may be deducted from the amount payable under the policy or contract in settlement.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.