What term is used to describe the process of bringing a lapsed insurance policy back into effect?

The term that describes the process of bringing a lapsed insurance policy back into effect is reinstatement. This process involves the policyholder taking specific steps to restore their insurance coverage after it has expired, typically due to non-payment of premiums or other reasons that caused the policy to lapse.

Reinstatement usually requires the policyholder to submit a reinstatement application and sometimes pay any overdue premiums along with an additional fee. There may also need to be proof of insurability, depending on the insurer's policies. The goal of reinstatement is to reestablish the original terms of the policy, allowing the insured to resume coverage without needing to purchase a new policy, which could result in a higher premium based on current underwriting standards.