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grace period

   Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia 0.06 sec.
grace period,
n a specified time, after a plan's premium payment is due, in which the protection of the plan continues subject to actual receipt of the premium within that time.


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LANCASTER -- Tickets will start being issued today from red-light cameras at two Lancaster intersections, after the end of a 30-day grace period during which only warnings went out.
The country will have 15 years to pay off the loan, which carries a five-year grace period.
According to Aziz, the repayment period is from 5 to 39 years, with a grace period of zero to 10 years.
 
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