WAEC - Insurance (2017 - No. 2)
A life policy holder enjoy days of grace
at the inception of the policy
at the renewal time of the policy
when he surrenders the policy
when the policy is paid up
توضيح
A grace period allows a borrower or insurance customer to delay payment for a short period of time beyond the due date.
insurers allow policyholders a period of grace of at least 15 days, during which arrear premiums can be rectified. In the life insuranceindustry, the norm is to allow policyholders a grace period of 30 days.