A life policy holder enjoy days of grace
A.
at the inception of the policy
B.
at the renewal time of the policy
C.
when he surrenders the policy
D.
when the policy is paid up
Correct answer is B
A grace period allows a borrower or insurance customer to delay payment for a short period of time beyond the due date.
insurers allow policyholders a period of grace of at least 15 days, during which arrear premiums can be rectified. In the life insuranceindustry, the norm is to allow policyholders a grace period of 30 days.
