Number of installments for grace period on loan accounts can be greater than in loan product definition

REPRO (on v1.0 of Mifos - demo server)
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1. Create a loan product with grace period type = grace on all repayments and
number of grace periods = 4 installments
2. Create a loan account based on this loan product with grace period = 5
installments

OBSERVED:
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System allowed the loan account to be created with 5 installments of grace.

EXPECTED:
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System would throw an error indicating that grace period could not exceed 4
installments

NOTES:
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It's possible that the grace period field in the loan product creation simply
specifies the default number of installments for grace, in which case this
feature is functioning as designed/expected. I couldn't find any information n
the Functional Spec to indicate expected behavior (whether the field in the loan
product is to indicate max number of installments for grace period or whether it
is just the default). Hopefully Emily can clarify in triage. If the
implemented behavior is correct, we should update the spec to be more specific
about this design and resolve this bug as 'by design'.