What Is An Insurance Grace Notice Letter?
According To The American Bar Association A Life Insurance Grace Period, Is Described As Follows:
“Lapse of a life insurance policy often leads to litigation seeking either death benefits or reinstatement. Life insurance lapse generally refers to coverage ending for insufficient or nonpayment of premiums. Insufficient premiums can cause lapse of a life insurance policy when applicable monthly mortality, fees, and expenses exceed the policy’s cash value. Nonpayment of premiums can cause a life insurance policy to lapse when the policy has no cash value and the premiums are not timely paid.
Nearly without exception, lapse of a life insurance policy involves consideration of the grace period. A grace period is a statutory or contractual period of time, after nonpayment of premiums, when life insurance coverage remains in effect. If death occurs in the grace period, then benefits are paid net of the unpaid premiums. If sufficient premiums are not paid during the grace period to sustain the policy, then the life insurance ends.”
Read More: American Bar Association
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