Round 2- explain difference between rewrite and reinstatement

Question

Accepted Answer

Rewrite and reinstatement are two different methods of policy modification.

Rewrite involves creating a new policy from scratch, while reinstatement involves restoring a lapsed policy.
Rewrite may result in changes to coverage, premiums, and terms, while reinstatement typically restores the policy to its original state.
Examples of when to use rewrite include major life changes or significant changes in risk, while reinstatement is used when a policy has lapsed due to non-payment or other reasons.
Rewrite may require underwriting and a new application, while reinstatement typically only requires payment of past due premiums.
Both methods can result in changes to the policy, but the extent of those changes differs between rewrite and reinstatement.

Accepted Answer

Rewrite is done when policy has many mistakes so a new quote is created, bound and issued. Reinstatement is the process of bringing a cancelled policy to active status again as per customer (policyholder's) request.

Round 2- explain difference between rewrite and reinstatement

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