grace period


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Grace Period

In insurance law, a period beyond the due date of a premium (usually thirty or thirty-one days) during which the insurance is continued in force and during which the payment may be made to keep the policy in good standing. The grace period for payment of the premium does not provide free insurance or operate to continue the policy in force after it expires by agreement of the parties. Grace period may also refer to a period of time provided for in a loan agreement during which default will not occur even though a payment is overdue.

grace period

n. a time stated in a contract in which a late payment or performance may be made without penalty. Often after the grace period ends without payment or performance by the person who is supposed to pay the contract is suspended. Example: if you don't pay your insurance payment (premium) by the stated deadline, you usually have a few days extra to pay before the absolute deadline. If you don't pay by then, the insurance company cancels your contract, i.e. your insurance.

grace period

noun concession, exemption, pardon, period of allowance, period of indulgence, period of tolerance, reprieve
References in periodicals archive ?
six-month grace period, China also restricts the temporal limit.
The ministry had announced a grace period of six months, divided into three phases of two months each, from January 4 to June 30 for employers and companies who failed to issue or renew labour cards for their employees to come forward and settle their fines.
The newspaper noted that many of its readers have called for the grace period to be made longer, and for installment plans, especially during holiday and festival periods such as this one.
The Company is being afforded an additional 180-day grace period to regain compliance with the Nasdaq's minimum bid price requirement upon transfer to the Capital Market.
We trust that the grace period has reminded drivers that running red lights is serious and that they have adjusted their driving accordingly,'' Mayor Henry Hearns said.
The three-month grace period is actually one month longer than the period recommended by the Association for Subscription Agents and Intermediaries.
If you still can't afford student loan payments after your six-month grace period, you can apply for additional deferment or forbearance.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided a grace period of 180 calendar days, or until August 30, 2010, to regain compliance with this requirement.
RLJ Entertainment has been provided an automatic grace period of 180-calendar days, or until December 2, 2015, to regain compliance.
In order to avail transfer of cash subsidy into the bank account, dhr number of the LPG consumer has to be linked to the LPG consumer number and bank account of the LPG consumer for which a three months grace period from date of launch is being provided.
The grace period itself was seen as a magnanimous decision on the part of the government, and everyone applauded it.