(215 ILCS 5/235) (from Ch. 73, par. 847)
Sec. 235.
Extension
of time for payment of life premium.
A life 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 cause the policy to lapse 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 the extension, such agreement shall not impair any right
existing under the policy.
(Source: Laws 1937, p. 696.)
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