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
Correct Answer: Option B
B. at the renewal time of the policy
Explanation
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 insurance industry, the norm is to allow policyholders a grace period of 30 days.
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