A life policy holder enjoy days of grace

  • A at the inception of the policy
  • B at the renewal time of the policy
  • C when he surrenders the policy
  • D when the policy is paid up
waec 2017insurance

The correct answer is B. at the renewal time of the policy

A grace period allows a borrower or insurance customer to delay payment for a short period of time beyond the due date. 

insurers allow policyholders a period of grace of at least 15 days, during which arrear premiums can be rectified. In the life insuranceindustry, the norm is to allow policyholders a grace period of 30 days.

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