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What are meant by “days of grace” in insurance terms?

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Open-access content Thursday 8th March 2018

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A - A specified 'cooling-off' period before the issue of cover during which the proposer can change their mind

B -- A specified number of days into the next insurance period during which the insured can still renew the policy

C -- An automatic extension of cover beyond the renewal date in case the insured forgets to renew the policy

D -- An extension of cover under a motor policy to ensure that the policyholder is legally entitled to drive


Answer:

B: Days of grace are not an extension of cover, but rather a specified number of days (15 or 30 days) into the next period of insurance when the insured can still renew cover.

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