The increase in the total amount of business an insurer has to force over a given period of time. It is figured as the total of new policies issued, plus those renewed, less policies lapsed and cancelled.
Facebook
Linked In
Instagram
Twitter
Contact Us
News
Calendar
Calculators
Resource Center
REINSTATEMENT
(1) Restoring a lapsed policy and putting it back in force. The reinstatement may be effective after the cancellation date, creating a lapse of coverage. Some companies require evidence of insurability and payment of past due premiums plus interest.
(2) A practice whereby the amount which has been the subject of a claim is reinstated in the policy on payment of an additional premium, thus reverting the amount of cover which was reduced by the claim to the original sum insured.