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grace period

A grace period is an insurance provision allowing the insured a certain number of days (e.g., 30 or 31) after the premium due date to make payment if the insurance is to stay in force.

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grace period

A grace period is an insurance provision allowing the insured a certain number of days (e.g., 30 or 31) after the premium due date to make payment if the insurance is to stay in force.