What is the term for the period he will be allowed to reinstate the contract?

Mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, Thomas was not able to pay the premium in the last 3 months.

A. cooling off period
B. repayments
C. days of grace
D. lays days

Correct Answer: Option C

C. days of grace

Explanation

An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing.

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