§33-13-41. Same -- Direct payment of premiums.
In the case of weekly premium industrial life insurance
policies, there may be a provision that upon proper notice to the
insurer, while premiums on the policy are not in default beyond
the grace period, of the intention to pay future premiums
directly to the insurer at its home office or any office
designated by the insurer for the purpose, the insurer will, at
the end of each period of a year from the due date of the first
premium so paid, for which period such premiums are so paid
continuously without default beyond the grace period, refund a
stated percentage of the premiums in an amount which fairly
represents the savings in collection expense.