Multiple choice general knowledge

Name the provision which provides the length of time within which a renewal premium may be paid without penalty

  1. Grace period provision

  2. Free look provision

  3. Reinstatement preovision

  4. Incontestability provision
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The grace period provision specifies the time window (typically 30-31 days) during which a late premium payment can be made without policy lapse. Option A is correct. Free look allows inspection after purchase, reinstatement restores lapsed policies, and incontestability limits insurer challenges after a set period.

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