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Grace period
A prescribed period, usually 30 days from the premium due date, during which an insurance contract is kept in force despite non-payment of premium.  If premium is not paid within the grace period, the policy may lapse or be subject to reduced paid-up or automatic premium loan.
Group life insurance
Life insurance covering a group of people under a master policy. The policy is issued usually without the requirements of medical examination on the lives assured. It is typically issued to an employer for the benefit of employees, or to members of an association.