A grace period allows a certain number of days by contract for the insured to submit a premium. Except for weekly and monthly premium contracts, what is the usual grace period?
7 days
15 days
31 days
60 days
Correct
31 days is the usual grace period for all policies other than weekly premium policies, which have a grace period of 7 days, and monthly premium policies, which have a grace period of 10 days.
The grace period for a health insurance policy may vary according to which of the following?
Annual benefit period
Frequency of premium payment
Amount of the deductible
Length of the elimination period
Correct
The grace period can vary according to frequency of premium payment. The grace period can be 7 days for weekly premiums, 10 days for monthly premiums and 31 days for all other modes of premium payment.
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