The purpose of the grace period is to prevent unintentional lapses of life insurance policies.

Name: The purpose of the grace period is to prevent unintentional lapses of life insurance policies.
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Question

Quizplus · Accepted Answer

The grace period in life insurance policies is designed to give policyholders extra time to pay their premium without losing their coverage, thus preventing unintentional lapses of the policy due to short-term financial difficulties or oversight.

The Purpose of the Grace Period Is to Prevent Unintentional