grace period Definition

grace period

Definition

The additional period of time a lender or insurance policy issuer provides for a borrower to make payment on a debt without penalty.

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grace period is ...
... part of the Insurance and Lending & Credit subjects.

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Perkins loan, student loan, payment shock, noncontestability clause

grace period appears in the definitions of these other terms on BusinessDictionary.com

automatic premium loan clause, deferred payment letter of credit (L/C), due date