Life · Chapter 5 · Standard Provisions
Grace Period
Definition
Time after the premium due date during which coverage stays in force (Florida: not less than 30 days, F.S. 627.453). If the insured dies during it, the death benefit is paid minus the owed premium — plus interest, which Florida caps at 8%/yr.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
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