What does Reinstatement Provision mean? Read on to discover the definition & meaning of the term Reinstatement Provision - to help you better understand the language used in insurance policies.
A reinstatement provision in a life or property insurance policy is a clause that grants the policyholder a limited period of time to reinstate their policy after it has lapsed. To reinstate the policy, they will need to provide evidence of insurability, along with back premiums and interest.
We hope the you have a better understanding of the meaning of Reinstatement Provision.