Reinstatement
Reinstatement
An insurance contract which lapses because premiums were not paid can be reinstated by the policyowner at the discretion of the insurer. Here are typical provisions:
- request within two years of lapse
- repay missed premiums with interest
- provide evidence of insurability
- the suicide exclusion period and the contestability period start again from the date of reinstatement
page revision: 3, last edited: 08 Dec 2012 17:32