KRS 304.15-060: Grace period.

There shall be a provision that a grace period of thirty (30) days, or, at the option of the

insurer, 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 paya ble more frequently

than monthly, shall be allowed within which the payment of any premium after the first

may be made, during which period of grace the policy shall continue in full force. The

insurer may impose an interest charge for the number of days of grace elapsing before the

payment of the premium, and, whether or not such interest charge is imposed, if a claim

arises under the policy during such period of grace, the amount of any premium due or

overdue, together with interest and any deferred insta llment of the annual premium, may

be deducted from the policy proceeds. The grace period shall date from the premium due

date specified in the policy.