Indiana Life and Health Rules Practice Exam 2025 – Complete Prep Guide

In life insurance, the correct term for the period after a policyholder's death during which claims can be filed is referred to as the "Grace period." This term typically applies to provisions allowing beneficiaries to file claims for a certain duration following the death, ensuring they have adequate time to prepare and submit necessary documentation.

The grace period is especially significant because it gives the beneficiaries a window to file claims without the possibility of the insurer denying the claim based on timing, thereby providing some level of assurance and support during a challenging time.

A waiting period generally refers to a time frame during which certain benefits are not available following the purchase of a policy. The contestability period is the duration in which an insurer can contest or deny a claim based on misrepresentation or omissions made by the insured on the application. An extension period does not specifically exist in insurance terms in the same context and may relate more to temporary policy adjustments or provisions rather than the claim filing process after death.

Understanding these terms helps clarify the nuances within life insurance policies and the rights of the beneficiaries involved.