What is the Definition of Reinstatement?

What is the Definition of Reinstatement?

The process by which an insurer puts back into force an insurance policy that has either been terminated for nonpayment of premiums or continued as extended term or reduced paid-up coverage.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Reinstatement?

You can find random definition and meaning of insurance terms below:

What is the meaning of Additional living expense (property)

Coverage that provides a specified amount per day for additional expenses in the event that you cannot live in your insured residence.

What is the meaning of After-market parts

Parts made by a company other than the manufacturer of the auto. See original equipment manufacturer.

What is the meaning of Agreed value policy

Coverage that will pay the full insured amount of the vehicle or other property in case of a covered total loss, in contrast to stated amount.

Thank you for visiting our website and read this FAQ article about "What is the Definition of Reinstatement?". We hope you get what you searching for.

definitionly.com is a website that contains information about the definition or meaning of a word. You can search for the terms you are looking for in the search field above.

Related Posts

Subscribe Our Newsletter