1. The minimum grace period required on North Carolina individual life policies is generally:

31 days

North Carolina requires individual life policies to include a grace period of at least 31 days during which the policy stays in force while an overdue premium may be paid.

2. After a life policy has been in force during the insured's lifetime for the contestable period, the insurer generally:

Cannot contest the policy except for nonpayment of premium

Once the contestable period (commonly two years) has passed during the insured's lifetime, the insurer generally cannot contest the policy except for nonpayment of premium.

3. A typical life insurance suicide provision states that if the insured dies by suicide within the stated period, the insurer will:

Refund premiums paid rather than pay the full death benefit

Under the suicide clause, if suicide occurs within the stated period (commonly two years), the insurer's liability is limited to a refund of premiums paid.

4. The automatic premium loan provision in a whole life policy:

Uses available cash value to pay an overdue premium and prevent lapse

The automatic premium loan provision advances the cash value to cover an overdue premium at the end of the grace period, preventing an unintended lapse.