Insurability is the circumstance in which an insurance company can issue life or health insurance to an applicant based on standards set by the company. It evaluates the risk and determines if the applicant qualifies for coverage.
Reinstatement refers to the restoration of a lapsed insurance policy, typically due to the nonpayment of premiums after the grace period. This requires the policyholder to meet certain conditions.
A type of life insurance policy that allows the insured to renew the coverage without providing evidence of insurability, regardless of physical health.
