mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, thom...

Answer Details

The term for the period that Mr. Thomas will be allowed to reinstate his insurance contract is called the days of grace. The days of grace refers to the period of time after a missed premium payment during which the policyholder can still make the payment and keep the policy in force without penalty. This is typically a set number of days specified in the insurance contract. In the case of Mr. Thomas, he missed paying his insurance premium for the last 3 months due to loss of employment. However, since he is within the days of grace period, he can still make the payment for the missed premiums and keep his policy in force. It's important to note that if the policyholder fails to make the payment within the days of grace period, the policy may lapse and the insurance coverage will cease. In some cases, the policyholder may need to reapply for coverage and go through the underwriting process again. Therefore, among the options provided, the correct answer is the days of grace.