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Page A-451
Glossary
Grace Period: The time allowed after a premium due date during which the policyholder can make the payment without losing coverage Policy Lapse: A situation where a policy becomes inactive due to non-payment of premiums within the grace period
Page A-575
Glossary
Grace Period: Extra time after the premium due date to pay without immediate policy lapse Policy Lapse: Termination of a life insurance policy due to non-payment of premiums