Give the reasons for a life insurance policy containing each of the following provisions: a. Grace period

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Give the reasons for a life insurance policy containing each of the following provisions:

a. Grace period

b. Reinstatement

c. Incontestable clause

d. Entire-contract clause

e. Misstatement-of-age clause

f. Annual apportionment of divisible surplus

g. Loan

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Introduction to Risk Management and Insurance

ISBN: 978-0131394124

10th edition

Authors: Mark S. Dorfman, David Cather

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Question Posted: Dec 07, 2015 06:19 AM

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Give the reasons for a life insurance policy containing each of the following provisions: a. Grace period

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Step by Step Answer:

a Grace period Sometimes people forget to pay premiums or make a mistake about the due date of the payment The grace period typically 3031 days provides some room for mistakes or forgetfulness when th...View the full answer

Introduction to Risk Management and Insurance

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