An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. Which policy provision allows this?

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25-07-2020
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An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. Which policy provision allows this?

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azikennamdi azikennamdi · Answer 1 · 2020-07-26T02:15:33+02:00

Answer:

The policy provision which is usually inserted to allow for Life Insurance policies to be reactivated after it has lapsed is called the Reinstatement Provision.

Explanation:

The reinstatement provision usually permits the policyholder a certain limit of time after the policy has expired within which they must renew the policy by paying the required premium (which in this case may come with interest).

They must also provide evidence of insurability; that is, medical proof of good health. A Medical History Statement (MHS) would usually suffice as proof of insurability.

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