Bill's life insurance premium was due April 4.He died April 20 without having paid this premium.His beneficiary will not receive any payment.

Question

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Typically, there is a grace period for life insurance premium payments ranging from 30 to 60 days. If a payment is not made within the grace period, the policy may lapse or be cancelled. However, in this scenario the beneficiary will not receive any payment because he passed away before the grace period ended.

Bill's Life Insurance Premium Was Due April 4