Reinstatement

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Reinstatement

The restoration of an insurance policy after it has lapsed for nonpayment of premiums.

Reinstatement

The act of an insurer putting an insurance policy back into effect after it has lapsed because of missed premium payments. Generally speaking, a policyholder is under no legal obligation to make premium payments, but if he/she fails to do so, the insurer has the right to rescind the policy. Reinstatement may require proof of continued eligibility for the policy and may also require the policyholder to pay back all missed premium payments.
References in periodicals archive ?
United denied the claim and informed Cardenas that it was rescinding the policy due to misrepresentations it found in the reinstatement application.
The jury returned a verdict in favor of United finding that Sierra's representations in the reinstatement application were material and intentional.
Fourth-quarter earnings will include about $175 million in losses attributable to Sandy, after reinsurance and reinstatement premiums.
Endurance Specialty Holdings puts its Sandy-related losses at $160 million, pretax and net of reinsurance and reinstatement premiums.
Following the investigation of a miner's allegations of discrimination, the Secretary can seek temporary reinstatement of a miner if he "finds that such complaint was not frivolously brought.
A hearing on an application for temporary reinstatement is limited to a determination as to whether the miner's complaint was frivolously brought.
Additionally, the Government will pay the local highways authority for carrying out inspections on just 10% of reinstatements.
But the Government do not really want more than 10% inspected because if the companies are leaned on too much they say it will cause more inconvenience to do reinstatements again and it will cost more money.
Since the online service's launch one year ago, more than 100 thousand suspended drivers have paid their reinstatement fees online instead of mailing payment to DPS headquarters, and more than 3,500 people log in every day to view their reinstatement requirements and check their driving eligibility status.
Not only does this service speed up the reinstatement process, but it gives users transparency into the status of their driving eligibility exactly when they need it," Davio states.