What is the name of the provision that outlines how to reinstate a lapsed insurance policy?

The provision that outlines how to reinstate a lapsed insurance policy is known as the Reinstatement provision. This provision typically specifies the conditions under which a policyholder can restore their lapsed policy to active status after it has been terminated due to non-payment of premiums.

The Reinstatement provision generally includes requirements such as submitting a reinstatement application, paying overdue premiums, and possibly providing evidence of insurability, depending on the insurer's guidelines. This ensures that the insurance company can reassess the risk associated with the policyholder and maintain underwriting integrity.

In contrast, other terms like Renewal typically refer to the process of continuing a policy at the end of its term rather than salvaging a lapsed policy. Revival is often used interchangeably with reinstatement, but it doesn't specifically denote the policy language that outlines the procedures. Resumption could imply returning to a previous state but does not specifically pertain to insurance policy procedures in this context. Thus, the term "Reinstatement" is the most accurate and widely accepted term for this process.