Discuss (a) days of grace

The premium defined: the insurance's price — the insured's consideration for the insurer's promise (the risk's transfer's cost); the premium's anatomy: the pure premium (the expected-loss cost — the actuarial base) + the loading (the expenses, the commission, the profit — the business's faces); the rating's craft (the risk's classification — the age, the health, the occupation, the history; the actuarial fairness vs the anti-discrimination's debates). The payment's legal faces (the exam's craft): The timing: the payment-vs-cover question — the premium's pre-payment requirement (the cover's condition — the "no premium, no cover" principle's debates); the credit-period faces (the regulator's grace disciplines); the instalment-and-credit premiums (the financed-insurance faces); The days of grace (the life insurance's institution): the late-payment's accommodation — the grace period's duration (the 30-day-type standard); the grace-period cover (the death- within-grace — the claim's payment with the arrears' deduction: the protection's craft); the non-forfeiture's link (the lapse's alternatives — Unit 2.5's craft); The mode-and-method: the cash-and-cheque faces (the payment's completion — the cheque's receipt-vs-realisation question); the agent's collection (the intermediary's receipt — the insurer's responsibility: Unit 6's link); the electronic payments (the digital-era's modes — the receipt's evidence); The non-payment's consequences: the lapse (the policy's termination — the life's revival faces); the automatic-termination clauses (the non-life's standard); the notice's requirements (the consumer's protection — the reminder's duty faces); The…