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GLOSSARY

Reinstatement definition

What does Reinstatement mean?

Following the lapse of a policy, ordinarily through failure to pay the due premiums, some policies allow the ability to reinstate the cover.

Reinstatement is subject to:

(a) payment of the missed premium; and

(b) a declaration of health to satisfy the company that there has not been a material change in the risk they are covering.

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