A life policy holder enjoy days of grace

Assessment: WAEC SSCE - Insurance - 2017 (Objective) Subject: Insurance

Question 1 Report

A life policy holder enjoy days of grace

Answer Details
A life policy holder enjoys days of grace during the renewal time of the policy. Days of grace refer to the extra period of time granted to the policyholder after the premium due date to pay the premium without incurring any penalty or interest. In the case of life insurance policies, the days of grace typically apply at the time of policy renewal. This allows the policyholder a little extra time to pay the renewal premium without the policy lapsing or becoming void. However, it's important to note that the days of grace do not apply when the policy is surrendered or paid up.
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