Grace Period | Insurance Glossary

Definition of "Grace period"

Ashley McNulty

Coldwell Banker

Period allowed after date due for payment of rent, mortgages, etc.
The 30-day period subsequent to the due date permitted on insurance policies, which retains coverage even though the premium has not yet been paid.

A historical mortality table used to calculate premium rates for deferred annuities and optional mod ...

Form of reinsurance that shows loss history and premium history with respect to specific risks. The ...

Method of calculating the life insurance policy's cash surrender value (CSV) not contingent upon the ...

A borrower who doesn't pay. ...

A line on a map or drawing showing equal ground elevation points. See also contour map. ...

Document describing the benefits and provisions for people or businesses covered by group insurance. ...

A term is the length of a loan. ...

Zoning is the laws that establish how a property can be used and what codes must be followed when er ...

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

A mortgage broker is an intermediary who ensures a loan between a borrower and lender. The broker ta ...

General Liability Coverage includes: Bodily Injury Liability Coverage: Help protect you in case ...

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off o ...

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