Grace period

{
  "id": "MLC-T-INS-001652",
  "term": "Grace period",
  "field": "Insurance and risk management",
  "definition": "A specified length of time after a premium payment's due date during which a policy remains in force even though the payment has not been received. If the insured pays the premium within this period, the policy continues without interruption. The duration of the grace period is mandated by state law for certain types of insurance, such as life insurance, where it is typically 30 or 31 days.",
  "url": "https://mlchart.com/terminology/insurance/grace-period/"
}