(a) There shall be a provision that the insured is entitled to a grace period of four (4) weeks within which the payment of any premiums after the first may be made, except that in policies for which the premiums are payable monthly, the period of grace shall be one (1) month, but not less than thirty (30) days.
(b) If during the grace period the policy becomes a claim, then any overdue and unpaid premiums may be deducted from any settlement under the policy.
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