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516

Q:

_________period is the provision in most loan and insurance contracts that allows payment to be received for a certain period of time after the actual due date.

  • 1
    Policy
  • 2
    Premium
  • 3
    Notice
  • 4
    Additional
  • 5
    None of these
  • Show Answer
  • Workspace

Answer : 5. "None of these"
Explanation :

A grace period allows a borrower or insurance customer to delay payment for a short period of time beyond the due date. During this period no late fees are charged, and the delay cannot result in default or cancellation of the loan or contract.

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