SECTION 365:15-7-19. Deferred Premium Payment Plans

Latest version.

Deferred Premium Payment Plans for policy periods in excess of one year shall provide for a sufficient initial premium paid to cover a short rate cancellation return premium. If the insurer or other form of association fails to collect the prescribed initial premium, then the insurer shall be deemed to have waived application of the short rate cancellation table where such policy is canceled by the insured at the first anniversary date.

[Source: Added at 19 Ok Reg 1299, eff 7-14-02]

                    
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