Reinstatement insurance

Reinstatement — under many forms of reinsurance and insurance, the payment of a claim reduces an aggregate limit by the amount of the claim. Provision is sometimes made for reinstating the policy limit to its original amount when the original limit has been exhausted.

What does reinstate means in insurance?

Key Takeaways\n\n Reinstatement in the insurance industry means a person's previously terminated policy can resume if the already insured meets the specific requirements for reinstatement. Typically insurance companies offer policyholders a grace period for late payments before a policy terminates.

What is an example of reinstatement?

Example Sentences\n\n After his name was cleared, he was reinstated as committee chairperson. The school board voted to reinstate the school's uniform policy. the year the death penalty was reinstated.

What does reinstatement mean in reinsurance?

In fact, Strain defines reinstatement as: The restoration of the reinsurance limit of an excess property treaty to its full amount after payment by the reinsurer of loss as a result of an occurrence.

What is the reinstatement period?

What is Reinstatement period? A phase of the foreclosure process where the homeowner has an opportunity to stop the foreclosure by paying the amount that is owed to the lender. Also called the right of redemption under state laws.