Defined as the following:
- The restoration or continuation of an insurance policy that was cancelled or suspended for a portion of the policy period, or
- The restarting of a policy limit after a claim. This is normally associated with fire coverage which commonly restarts the limit after it has paid out.
Looking to learn more?
At The Insurance Center, we want to empower you with knowledge about insurance. Check out our glossary for a listing of important insurance terminology to help you get started.