Reinstatement

Definition

  • 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.

Synonyms
reinstated, reinstating an insurance policy, reinstated 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,
    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
    CanEquity offers life insurance.
  • 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.
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