Grace Period

Also known as: Premium Grace Period

A specified window (typically 30 or 31 days) following a premium due date during which the policy remains in full force even if the premium has not yet been remitted.

“A grace period of thirty days or one month shall be permitted for payment of any premium due after the first.”

naic-life-provisions · Model Act § 2

Tested on

Life & Health

Related terms

Incontestable Clause

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