A period (usually 31 days) after the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout this period."
YMMV
Post edited as per forum norms - Evan
Posted: Tue Oct 30, 2007 06:08 am Post Subject:
Grace period is the agreed time period, written in the contract, within which you need to pay the premium to keep the policy in force. However, during this period you will enjoy full coverage. No extra amount is charged from you during the grace period. But the policy may lapse if the premium remains unpaid even after the grace period is over.
Posted: Tue Oct 30, 2007 06:19 am Post Subject:
Hi swaite, for the life insurance policy, the insurer is required to allow you the grace period of 30 days to pay your premium. And as the other posters have already mentioned you will enjoy the coverage during this time which implies that you won't be denied a claim in this 30 days period. I believe the same applies to CA also.
However, once these 30 days are over, the insurer may ask you to produce a certificate of good-health to reinstate the policy. Otherwise, they will suspend it. Hope the input helps.
Rupert
Posted: Tue Oct 30, 2007 11:55 pm Post Subject:
Folks, we are guessing at the type of insurance contract here. Nowhere does the OP mention what kind of policy he is referring to. That kind of helps, as there are definite differences as to the length of the grace period dependent upon the type of contract.
All states have minimum grace periods within the statutes or rules, and an insurer is always allowed to give a longer grace period than what is required in the laws or rules, just not a shorter period of time.
So, OP? What kind of policy are you referring to? That would certainly help, and I would be happy to give you the specifics if you could provide the info!
InsTeacher 8)
Posted: Wed Oct 31, 2007 03:36 pm Post Subject:
Folks, we are guessing at the type of insurance contract here.
THANK YOU! Insurance Teacher my thoughts exactly!
Posted: Wed Oct 31, 2007 05:12 pm Post Subject:
Agreed we need to know the type of policy that we are talking about here!!!! But if I had to guess Im thinking roughly 30 days if your lucky and that is usually talking about auto insurance. Yet again every company is different and has their own rules and regs on that also especially if we are talking non-payment of premium,...
Posted: Thu Nov 01, 2007 11:33 am Post Subject:
The company I work for and the company I have my auto policys with (2 different companies) both on renewals, they must have the money within TEN days of the expiration...Although it isn't called a grace period, in effect that is what it is, but it is 10 days.
Posted: Sun Nov 04, 2007 06:01 pm Post Subject:
Grace period is the agreed time period, written in the contract, within which you need to pay the premium to keep the policy in force ................. Im thinking roughly 30 days that is usually talking about auto insurance
However, once these 30 days are over, the insurer may ask you to produce a certificate of good-health to reinstate the policy
Posted: Mon Nov 05, 2007 09:41 am Post Subject:
We have another 'life' aboard, please take note...and in the same post even!
However, once these 30 days are over, the insurer may ask you to produce a certificate of good-health to reinstate the policy
intelligentassasinator
However, once these 30 days are over, the insurer may ask you to produce a certificate of good-health to reinstate the policy.
posted by rupert
Grace period is the agreed time period, written in the contract, within which you need to pay the premium to keep the policy in force .
intelligentassasinator
Grace period is the agreed time period, written in the contract, within which you need to pay the premium to keep the policy in force
posted by Dazzlingdiamond
Im thinking roughly 30 days that is usually talking about auto insurance
intelligentassasinator
Im thinking roughly 30 days if your lucky and that is usually talking about auto insurance.
posted by nique1221
notifying lakemen
intelligentassasinator, I understand your screen name now, you are assasinating all intelligence around you! man, why do you people do this?
Posted: Tue Oct 30, 2007 12:55 am Post Subject:
http://www.insurance.ca.gov/0100-consumers/0010-buying-insurance/0050-glossary-terms/
"GRACE PERIOD
A period (usually 31 days) after the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout this period."
YMMV
Post edited as per forum norms - Evan
Posted: Tue Oct 30, 2007 06:08 am Post Subject:
Grace period is the agreed time period, written in the contract, within which you need to pay the premium to keep the policy in force. However, during this period you will enjoy full coverage. No extra amount is charged from you during the grace period. But the policy may lapse if the premium remains unpaid even after the grace period is over.
Posted: Tue Oct 30, 2007 06:19 am Post Subject:
Hi swaite, for the life insurance policy, the insurer is required to allow you the grace period of 30 days to pay your premium. And as the other posters have already mentioned you will enjoy the coverage during this time which implies that you won't be denied a claim in this 30 days period. I believe the same applies to CA also.
However, once these 30 days are over, the insurer may ask you to produce a certificate of good-health to reinstate the policy. Otherwise, they will suspend it. Hope the input helps.
Rupert
Posted: Tue Oct 30, 2007 11:55 pm Post Subject:
Folks, we are guessing at the type of insurance contract here. Nowhere does the OP mention what kind of policy he is referring to. That kind of helps, as there are definite differences as to the length of the grace period dependent upon the type of contract.
All states have minimum grace periods within the statutes or rules, and an insurer is always allowed to give a longer grace period than what is required in the laws or rules, just not a shorter period of time.
So, OP? What kind of policy are you referring to? That would certainly help, and I would be happy to give you the specifics if you could provide the info!
InsTeacher 8)
Posted: Wed Oct 31, 2007 03:36 pm Post Subject:
Folks, we are guessing at the type of insurance contract here.
THANK YOU! Insurance Teacher my thoughts exactly!Posted: Wed Oct 31, 2007 05:12 pm Post Subject:
Agreed we need to know the type of policy that we are talking about here!!!! But if I had to guess Im thinking roughly 30 days if your lucky and that is usually talking about auto insurance. Yet again every company is different and has their own rules and regs on that also especially if we are talking non-payment of premium,...
Posted: Thu Nov 01, 2007 11:33 am Post Subject:
The company I work for and the company I have my auto policys with (2 different companies) both on renewals, they must have the money within TEN days of the expiration...Although it isn't called a grace period, in effect that is what it is, but it is 10 days.
Posted: Sun Nov 04, 2007 06:01 pm Post Subject:
Grace period is the agreed time period, written in the contract, within which you need to pay the premium to keep the policy in force ................. Im thinking roughly 30 days that is usually talking about auto insurance
However, once these 30 days are over, the insurer may ask you to produce a certificate of good-health to reinstate the policy
Posted: Mon Nov 05, 2007 09:41 am Post Subject:
We have another 'life' aboard, please take note...and in the same post even!
However, once these 30 days are over, the insurer may ask you to produce a certificate of good-health to reinstate the policy
intelligentassasinator
However, once these 30 days are over, the insurer may ask you to produce a certificate of good-health to reinstate the policy.
posted by rupert
Grace period is the agreed time period, written in the contract, within which you need to pay the premium to keep the policy in force .
intelligentassasinator
Grace period is the agreed time period, written in the contract, within which you need to pay the premium to keep the policy in force
posted by Dazzlingdiamond
Im thinking roughly 30 days that is usually talking about auto insurance
intelligentassasinator
Im thinking roughly 30 days if your lucky and that is usually talking about auto insurance.
posted by nique1221
notifying lakemen
intelligentassasinator, I understand your screen name now, you are assasinating all intelligence around you! man, why do you people do this?
Posted: Mon Nov 05, 2007 11:33 am Post Subject:
Thanks for bringing this to my notice Lori.
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