Reinstate
Definition 1 Restore a past-due Loan to a current status. Definition 2 To renew insurance Coverage after a lapse. For example, if premiums are not Paid in a timely fashion and a policy Lapse, it may be reinstated within a specific period of time if the Policy holder remains insurable. The Option to reinstate Coverage must be weighed against the potential advantages and disadvantages associated with a new policy. These might include changes in premium costs and the resetting of provisions for contestability and suicide.