Which of the following statements about the reinstatement provision is true?
Asked by: Lilian Heathcote V | Last update: August 26, 2025Score: 4.8/5 (37 votes)
What is true about the reinstatement provision?
The correct statement about the reinstatement provision is that it requires the policyowner to pay all overdue premiums with interest before the policy is reinstated. Reinstatement provisions typically allow policyholders to reinstate a lapsed insurance policy within a certain period, usually 2-3 years, not 10 years.
What is a reinstatement provision?
A life insurance reinstatement provision allows policyholders to restore a lapsed policy to active status after it has been terminated due to missed premium payments.
What is the reinstatement provision of the office?
Office reinstatement, often referred to as office handover, involves restoring a leased office space to its original state before handing it back to the landlord. This process typically includes dismantling and removing partitions, furniture, electrical wiring, and other installations added by the tenant.
What is the reinstatement provision in a health insurance policy called?
The reinstatement provision in a health insurance policy is mandatory. This means that insurance providers are required by law to include a clause that allows a policyholder to reinstate their policy under certain conditions after it has lapsed due to non-payment of premiums.
Life Insurance License test HACK in 30 min / types of policies #lifeinsurance
Which of the following is true concerning reinstatement of a life insurance policy?
Final answer: The true statement about the reinstatement of a life insurance policy is that companies have the right to require medical examinations. Back premiums typically must be paid, and proof of insurability is usually required.
Which statement is not correct about the reinstatement of a health insurance policy?
Final answer: The incorrect statement about the reinstatement of a health insurance policy is the assumed 45-day approval period for the reinstatement application.
What is reinstatement in insurance?
Reinstatement in insurance refers to the process of restoring a lapsed insurance policy back to its original terms and conditions. When an insurance policy is not renewed or the premium is not paid on time, the policy lapses, leaving the policyholder without coverage.
What are the rights of reinstatement?
1 A RoR allows a customer to redeem or sell shares in the fund and reinvest some or all of the proceeds, and receive a waiver of the sales load or a rebate on the CDSC, within a specified period of time (for example, 90 days), in the same share class of that fund or another fund within the same fund family subject to ...
How long is a reinstatement provision?
This section mandates that an employee who is terminated from a temporary or limited-term appointment, rejected during probation, or demoted from a managerial position, pursuant to Government Code Section 19590, shall be reinstated to the position they held at the time they accepted the appointment, provided there was ...
What is an example of a reinstatement?
For instance, a driver's license that was suspended due to violations may be reinstated once the individual fulfills specific legal requirements, such as paying fines or completing a mandated course.
What is the reinstatement basis of insurance?
Reinstatement is the repair or replacement of property so that it is in the same condition or a materially equivalent condition to that which it was in prior to the loss occurring. The wording of reinstatement clauses, however, varies from Policy to policy with very different Outcomes for the policyholder.
What happens when you reinstate your insurance?
See if your policy can be reinstated
That means you'll maintain continuous insurance with the policy you had previously. When reinstating, you'll pay the past due balance, and you'll be covered without any lapse.
What is the reinstatement effect?
The reinstatement effect captures the change in the task content of production, but now in favor of labor as the increase in N reinstates labor into new tasks. This change in task content always increases the labor share. It also improves productivity as new tasks exploit labor's comparative advantage.
Which of the following is a reinstatement condition?
Final answer: The reinstatement condition for an insurance policy is proof of insurability. This is when insurers require evidence that the individual or property meets their underwriting criteria upon policy lapse.
What is the time of payment of claims provision?
A time of payment of claims provision states the number of days that the insurance company has to pay or deny a submitted claim. This provision is included to minimize the amount of time that a policyholder has to wait for his/her payment or for a decision about his/her claim.
What does right of reinstatement mean?
An order for reinstatement aims to put you back in the position you were in prior to the unfair dismissal. Pursuant to section 391 of the Fair Work Act 2009 (Cth), the Commission can order your former employer to: reappoint you to the position you held immediately prior to the dismissal; or.
What are the 4 types of mutual funds?
Mutual funds are generally divided into four main categories: Bond Funds, Money Market Funds, Target Date Funds, and Stock Funds. Each category has distinct features, risks, and return potential, allowing investors to choose based on their financial objectives and risk tolerance.
What are the rights of accumulation for 529?
In addition, you may qualify for “rights of accumulation.” These are further discounts when the amount of your 529 plan investment is combined with other assets which you and your immediate family members already have invested in the plan and/or in certain mutual funds managed by the manager for that plan.
What is the reinstatement of insurance cover?
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 reinstatement eligible?
Reinstatement eligibility refers to the ability of those individuals who previously held a career or career-conditional appointment to apply for jobs in the competitive civil service that are open to status applicants.
What is the reinstatement provision of life insurance?
A reinstatement clause is an insurance policy clause that states when coverage terms are reset after the insured individual or business files a claim due to previous loss or damage. Reinstatement clauses don't usually reset a policy's terms, but they do allow the policy to restart coverage for future claims.
What are reinstatement conditions?
The reinstatement clause stipulates the conditions under which the policy can be restored. If the insured wishes to reinstate the contract, all overdue premiums plus interest must be paid.
What are the two major actions required for a policyholder to comply with the reinstatement clause?
A prorated death benefit based on the amount of insurance the insured's premiums would have been purchased at the correct age. What are two major actions required for a policyholder to comply with the Reinstatement Clause? Provide evidence of insurability and pay past due premiums.
Which of these is considered a mandatory provision?
Which of these is considered a mandatory provision? Payment of Claims. Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions.