(i) A period of time, during which period a past due premium may be paid without a penalty. (ii) A period of time, usually 30 days following the premium due date during which a premium may be paid. The Policy remains in force throughout this period. This type of grace period is given only in case of any guarantee given by the insured i.e., through his banker’s and so forth.
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UK: A period (usually 15 days) for which cover continues beyond the expiry date of an annual term to allow for the payment of the premium. This privilege will be forfeited if the insured expressly or impliedly rejects the renewal terms. There is no grace period in motor or marine insurance. In life insurance a privilege condition allows 30 days of grace for the payment of the premium (other than for monthly premiums) and if the event insured against occurs within that grace period, the unpaid premium will be deducted from the policy proceeds. See RENEWAL.
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A period after the premium due date during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.
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A short period during which cover under an annual policy may be extended beyond its expiry date to allow for the payment of a renewal premium. The privilege will be lost if the insured rejects the proposed renewal terms, by his actions or words. There are no grace periods in motor or marine insurance.
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US: A specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues.
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A specified period immediately following the premium due date during which a payment can be made to continue a policy in force without interruption. This applies only to Life and Health policies. Check your policy to be sure that a grace period is offered and how many days, if any, are allowed.
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MEDICAL,USA: Set number of days following the insurance policy’s premium due date during which insurance remains in force, may not be canceled, and the policyholder may pay the premium without penalty or loss of benefits. Grace periods vary by contract from 30 to up to 120 days.
(i) A period of time, during which period a past due premium may be paid without a penalty. (ii) A period of time, usually 30 days following the premium due date during which a premium may be paid. The Policy remains in force throughout this period. This type of grace period is given only in case of any guarantee given by the insured i.e., through his banker’s and so forth.
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UK: A period (usually 15 days) for which cover continues beyond the expiry date of an annual term to allow for the payment of the premium. This privilege will be forfeited if the insured expressly or impliedly rejects the renewal terms. There is no grace period in motor or marine insurance. In life insurance a privilege condition allows 30 days of grace for the payment of the premium (other than for monthly premiums) and if the event insured against occurs within that grace period, the unpaid premium will be deducted from the policy proceeds. See RENEWAL.
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A period after the premium due date during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.
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A short period during which cover under an annual policy may be extended beyond its expiry date to allow for the payment of a renewal premium. The privilege will be lost if the insured rejects the proposed renewal terms, by his actions or words. There are no grace periods in motor or marine insurance.
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US: A specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues.
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A specified period immediately following the premium due date during which a payment can be made to continue a policy in force without interruption. This applies only to Life and Health policies. Check your policy to be sure that a grace period is offered and how many days, if any, are allowed.
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MEDICAL,USA: Set number of days following the insurance policy’s premium due date during which insurance remains in force, may not be canceled, and the policyholder may pay the premium without penalty or loss of benefits. Grace periods vary by contract from 30 to up to 120 days.