143(1)Except in the case of group insurance, an assignee of a contract, a beneficiary or a person acting on behalf of one of them or of the insured may pay any premium that the insured is entitled to pay.

143(2)Where a premium, other than the initial premium, is not paid at the time it is due, the premium may be paid within a period of grace of

143(3)Where the happening of the event upon which the insurance money becomes payable occurs during the period of grace and before the overdue premium is paid, the contract shall be deemed to be in effect as if the premium had been paid at the time it was due, but the amount of the premium, together with interest at the rate specified in the contract, but not exceeding six per cent per annum, and the balance, if any, of the current year’s premium, may be deducted from the insurance money.