What does Reinstatement Premium mean? Read on to discover the definition & meaning of the term Reinstatement Premium - to help you better understand the language used in insurance policies.
A reinstatement premium is a premium that must be paid to activate an insurance policy again after the coverage has ceased. Reinstatement premiums are commonly used in life insurance because people often decide that they want to continue receiving life insurance coverage after their term life policies expire.
We hope the you have a better understanding of the meaning of Reinstatement Premium.