Which of the following statements about the grace period in a life insurance contract is (are)true?
I.It is usually between 90 and 180 days in duration.
II.If the insured dies during the grace period,the death benefit is reduced by 50 percent.

Question

Quizplus · Accepted Answer

The grace period in a life insurance contract is typically around 30 to 31 days, not 90 to 180 days. If the insured dies during the grace period, the death benefit is usually paid in full, minus any unpaid premiums, not reduced by 50 percent.

Which of the Following Statements About the Grace Period in a Life