§ 27-1-12-18 — Contract to extend time for premium payments

A life insurance company may enter into
subsequent agreements in writing with the insured, which need not be
attached to the policy, to extend the time for the payment of any
premium, or part thereof, upon condition that failure to comply with the
terms of such agreement shall lapse the policy as provided in said
agreement or in the policy. Subject to such lien as may be created to
secure any indebtedness contracted by the insured in consideration of
such extension, said agreement shall not impair any right existing
under the policy.
Formerly: Acts 1935, c.162, s.157.