Grace Period to Guaranteed Issue Definitions

A B C D E F G H I J K L M N O P R S T U V W Y
G

Grace Period: A period of time, usually 30 or 31 days, after the premium due date during which time the insured can pay the premium and bring the policy current to keep it in force.
Graded Premium: A life insurance policy with a low initial premium which increases over time until it becomes level.
Group Life Insurance: A life insurance policy that covers a group of individuals who are affiliated in some way, either through an employer, trade association or some other group. The employer typically has a master policy and the employees are offered some coverage without any underwriting requirements. The premiums may be paid by the employer, employee or a combination of both.
Guaranteed Issue: The issuance of a policy for an individual who has not disclosed past or present physical condition or taken an exam to show evidence of insurability.