reinstate

Definitions (2)

1. Restore a past-due loan to a current status.
2. To renew insurance coverage after a lapse. For example, if premiums are not paid in a timely fashion and a policy lapses, 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.

Use reinstate in a sentence

You may need to reinstate a previously dismissed employee if he is the only one that can handle the job.

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The company told them that they would be able to reinstate the policy once the remaining balance was paid in full.

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They were going to reinstate me after the holiday season was over and that made me really excited to get back to work.

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reimbursement involuntary trust