Most life insurance policies provide that premiums may be paid at any time within a period of generally 30 or 31 days, following the premium due date, the policy remaining in full force in the meantime. If death occurs during the grace period, the premium is deducted from the proceeds payable. As a general rule, no interest is charged on over-due premiums if paid during the grace period.
Group life insurance:
A form of life insurance covering a group of persons generally having some common interest, such as employees of the same company or members of the same union or association, etc.
Guaranteed insurability option:
An option offered under some life insurance policies, whereby additional insurance may be purchased at various future times without a new medical examination or other evidence of insurability.
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