mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, thomas was not able to pay the premium in the last 3 months .
what is the term for the period he will be allowed to reinstate the contract
- cooling off period
- repayments
-
days of grace
- lays days
The correct answer is: C
Explanation
An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing.