Reinstatement

10 months ago

Insurance Glossary Team

1 minute

Plain English Definition: Reinstatement refers to restoring a lapsed insurance policy after it has been canceled or expired due to non-payment or other reasons.

What Reinstatement really means for someone with an insurance policy

Reinstatement allows policyholders to reactivate coverage by meeting specific insurer requirements such as paying overdue premiums, submitting updated applications, or undergoing medical exams.

Reinstatement Real World Examples

A life insurance policyholder pays past-due premiums and regains coverage after missing payments.
A homeowner reinstates their insurance after a missed renewal payment by paying outstanding dues and applicable fees.
A business renews its lapsed liability policy after submitting updated financial statements and paying premiums.