The term grace period is very important to an insurance policy because

A.

it refers to living benefits that can be paid for a grace period prior to death in special circumstances.

B.

it refers to the period when benefits are still payable while premiums are in arrears.

C.

it refers to the period when a policy can no longer be contested by an insurance company.

D.

it refers to the period when the policy has lapsed and can be reinstated.