Definition

The process of restoring a lapsed policy back to active status. Reinstatement may involve paying back premiums and meeting updated conditions.

What to consider

  • Confirm coverage details are up-to-date.
  • Ensure accuracy in policy documentation.
  • Review verification procedures periodically.

Real world scenarios

  • An employer conducted a coverage verification to ensure all employees had valid health insurance.
  • A patient verified coverage details before undergoing a costly procedure.
  • A small business audited its policies to confirm that coverage limits were accurate.

Related terms

Insurance & Financial Protection