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, 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,
  • 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.