All of the following statements are true regarding a policy's grace period, except: past due premiums are waived?
1) The grace period is a specified period of time after the premium due date during which a policyholder can make a premium payment without losing coverage.
2) During the grace period, the policy remains in force and the policyholder is still eligible for benefits.
3) The grace period typically lasts for 30 days.
4) Past due premiums are waived during the grace period.
