Non-forfeiture of industrial policies

(1) An industrial policy on which one or more year’s premiums have been paid shall not be forfeited by reason only of the non-payment of any premium, unless the premium has remained unpaid for more than four weeks after it became due. (2) An industrial policy on which one year’s but less than two years’ premiums have been paid shall not be forfeited by reason only of the non-payment of any premium, unless the premium has remained unpaid for eight or more weeks after it became due. (3) An industrial policy on which two or more years’ premiums have been paid shall not be forfeited by reason only of the non-payment of any premium, unless the premium has remained unpaid for twelve or more weeks after it became due. (4) In the event of an industrial policy on which three or more years’ premiums have been paid being forfeited by reason of the non-payment of any premium, the company shall, without requiring any application from the policyholder, grant a paid-up policy for an amount not less than that specified in the table included in the policy. (5) The paid-up policy shall be payable upon the happening of the contingency upon the happening of which the amount insured under the original policy would have been payable. 155 (6) The company shall notify the policy holder in writing of the fact that the paid-up policy has been granted and shall specify the amount of the policy and the contingency upon which the policy is payable. (7) An industrial policy shall not be forfeited by reason only of the non-payment of any premium where such non-payment is due to non-collection by the company.