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Meaning / Definition of
Grace Period
Categories: Insurance, Loan and Mortgage, Credit and Debt, Legal, ,
The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. If a premium is paid during the 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 the date cash value becomes insufficient to support the payment of monthly insurance costs.
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Americans With Disabilities Act (ADA) Of 1990
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