Calif. 'Grace Period' For Policy Termination Not Retroactive
Law360 (October 11, 2019, 4:25 PM EDT) -- A California appeals court ruled Thursday that “grace period” laws requiring life insurers to wait 60 days after a policyholder misses a premium payment before terminating coverage don't apply to policies sold before the statutes took effect in 2013, upholding a jury verdict allowing Protective Life Insurance Co. to cancel a policy issued in 2005.
A three-judge panel of the state appeal court's Fourth Appellate District affirmed the judgment in favor of Protective in its dispute with Blakely McHugh and her mother, Trysta Henselmeier, who were beneficiaries under a term life policy the insurer sold to McHugh's father, William McHugh....
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