What does Days of Grace mean? Read on to discover the definition & meaning of the term Days of Grace - to help you better understand the language used in insurance policies.
Days of Grace
Days of grace, in the context of insurance, refer to the set period after the due date of a premium payment during which a policyholder can pay without facing a lapse in coverage. During this time, the policy remains in force, but the policyholder may still faces a penalty charge for making a late payment.
We hope the you have a better understanding of the meaning of Days of Grace.