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Resource LinksReference Library: Glossary of Terms
G
Grace Period
The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. If a premium is paid during the grace period, the premium is considered to have been paid on time.
Group Insurance
Insurance that provides coverage for several people under one contract, called a master contract.
Page last updated September 23, 2009