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Days of grace |
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Days of graceAdditional days which may be allowed by a company to a debtor over and above the due date for payment. For example, a life insurance company may allow days of grace for a policy to be kept in force after the date the premium is due for payment.Similar MatchesGrace periodGrace periodThe period, normally 30 days, during which an insurance policy remains in force even though the premium has not been paid. Grace periodGrace periodA specified amount of time to make a loan payment after its due date without penalty. Grace periodGrace periodThe time period stipulated in most loan contracts and insurance policies during which a late payment will not result in default or cancellation. |
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