Definition Of No 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.

Definition of no grace period. A grace period is the provision in most loan and insurance contracts that allows payment to be received for a certain period of time after the actual due date. Notwithstanding anything hereinabove stated except in the case of emergency set forth in paragraph 30 and except in the event of any default enumerated in subparagraphs a i iii iv and v of this paragraph 17 for which no notice is required neither party hereto will exercise any right or remedy provided for in this lease or allowed by law because of any default of the. Grace period synonyms grace period pronunciation grace period translation english dictionary definition of grace period. A grace period is a period of time usually about 10 days during which a past due amount can be paid with little or no penalty.

Grace period definition a period of time after a payment becomes due as of a loan or life insurance premium before one is subject to penalties or late charges or before the loan or policy is canceled. How to use grace period in a sentence. Extra time allowed for meeting with a requirement satisfaction of an obligation or implementation of an agreement. A grace period is a period immediately after the deadline for an obligation during which a late fee or other action that would have been taken as a result of failing to meet the deadline is waived provided that the obligation is satisfied during the grace period grace periods can range from a number of minutes to a number of days or longer and can apply in situations including arrival at a.

During this period no.