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Grace period
The length of time (usually 31 days) after a premium is due and unpaid during which policy, including all riders, remains in force. If a premium is paid during grace period, the premium is considered to have been paid on time. In Universal Life policies, it typically provides for coverage to remain in force for 60 days following date of cash value and becomes insufficient to support payment of monthly insurance cost.
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- Part of Speech: noun
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- Industry/Domain: Insurance
- Category: Life insurance
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