Grace Period
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Extra time to pay your premium after the due date.
Definition
A grace period is the additional time after your premium due date during which you can make payment without losing coverage. Grace periods are typically 10-31 days, depending on the type of insurance and state laws. Coverage remains in effect during the grace period.
Example
Though the premium was due on the 1st, the 30-day grace period allowed payment until the 31st without coverage lapse.
More General Terms Terms
The amount you pay for your insurance policy.
The amount you pay out-of-pocket before insurance kicks in.
The contract between you and your insurance company.
A request for payment under your insurance policy.
The protection provided by your insurance policy.
The maximum amount an insurer will pay for a covered loss.
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