A grace period permits the policy holder to retain insurance even though the premium has not been paid for:

Name: A grace period permits the policy holder to retain insurance even though the premium has not been paid for:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The grace period is a specified amount of time (usually 31 days) after the premium due date in which the policyholder can make a late payment without the policy being cancelled. During this period, the policyholder remains covered by the policy.

A Grace Period Permits the Policy Holder to Retain Insurance