- The process of re-establishing an insurance policy that has lapsed or been terminated and resuming coverage. If the policy was terminated due to the policyholder's inability or refusal to pay, a penalty may need to be paid.
reinstated, reinstated policy, reinstating an insurance policy
Related Terms and Acronyms
- Disability Insurance (DI) — Acronym, Important,
- Insurance that covers individuals who develop a condition that hinders their ability to work.
- Health Insurance (HI) — Acronym,
- Insurance that covers the costs of medical expenses for insured persons.
- Insurance Policy — Definition,
- A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
- Lapse Ratio — Definition,
- A ratio that compares how many life insurance policies have lapsed from the beginning year to the end.
- Lapsed Policy — Definition,
- A policy that is no long in effect due to missed payments, inaction or its term ending.
- Life Insurance — Definition, Very Important,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Waiver of Premium — Definition,
- A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
- Waiver of Restoration Premium — Definition,
- A provision that frees an insurance policyholder from needing to pay a fee in order to resume coverage after a claim.