grace period

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grace period (plural grace periods)

1. A length of time during which rules or penalties are waived or deferred.

   The fees begin to accrue after a one-month grace period.

   • 1951, State Farm Life Insurance Company, Life Agents Handbook, page 62:

     (Of course, if an insured dies during the grace period, the unpaid annual premium or instalment thereof is past due and therefore is deducted from the death benefit.)