Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part V - Contract Security - Chapter III - Personal Insurance - Section II - Life Insurance - From: Section 1151 By: Art . 1162
COLOMBIAN COMMERCIAL CODE Section II Life insurance Section 1151 .- When the insured fails to pay the first premium or first installment thereof, may not be the insurer legally require payment, but shall be entitled to be reimbursed for expenses incurred for the holding of the contract. Section 1152 .- Except as provided in the following article, nonpayment of premiums within the month following the date of each maturity, cause the termination of the contract the insurer has no right to demand. Section 1153 .- Life insurance need not be terminated once the premiums have been covered for the first two years of his life, but when the value of the overdue premiums and loans made with interest, exceed the value of assignment or Rescue referred to the article below. Section 1154 .- Without prejudice to the compensation that may be applicable, credit the beneficiary against the insurer, life insurance in order of preference will be assigned to first-class ...