Disposiciones de Pólizas de VidaPregunta 328 de 716
The grace period provision in a life insurance policy means that if a premium is not paid on its due date:
a.The policy lapses immediately at midnight on the premium due date and no death claim can then be paid
b.The death benefit is permanently reduced in proportion to the number of days the premium was late
c.The policy stays in force for a set period (such as 30 days) during which the overdue premium can still be paid
d.The insurer must refund every premium previously paid and treat the contract as closed as of the original due date
Explicación
The grace period keeps coverage in force for a specified time after the premium due date (commonly 30 or 31 days), so a late-paying policyowner does not lose protection; if the insured dies during the grace period, the death benefit is paid minus the premium owed. The policy does not lapse at midnight on the due date. The insurer is not required to refund every premium previously paid and close the contract, and the death benefit is not permanently reduced simply because a payment was late.
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Revisado por John Zihao Zhang — California-Licensed Life Insurance Agent (CA Dept. of Insurance License #4396095 — verificar)