I would suggest the explanation is as follows. When we are talking about "Reinstatment" in the insurance industry it refers to an insurance policy that has gone into a lapse status or cancellation status due to non-pay. You would then need to reinstate your policy or put it back in force. I am not sure how it works with P&C policies such as Fire or Building insurance as you call it but I would imagine you would need to pay any back due premiums and prove that there have been no losses. Usually in P&C from my experiences once a policy lapses you don't re-instate the old policy but rather re-write a new one....if the company or any company will now take you. In any insurance, never let the policy lapse! 4lifeguild
I think when we discuss reinstatement with reference to the building point of view that's mean that building (subject matter) suffers a loss but still building can reshape or rebuild in the same condition without demolishing it as it was before the loss, this is called reinstatement of the building.
what does it mean to re-rank the insurance policies on an encounter
If you mean fake insurance policies, then yes.
Please clarify what you mean by "how policies are made". If that is what you literally mean, insurance policies are drafted by the insurer for sale by producers (agents and brokers).
The effective date normally means the initial or policy effective date in a reinstatement date of policy document. It can not mean reinstatement date solely. Technically it is not starting effective.
The reference to SRCC in an insurance policy is generally taken to mean "Strike, Riot or Civil Commotion". It is a fairly standard exclusion (non-covered occurrence) in many insurance policies, including health policies.
You probably mean "restatement," not "reinstatement." The word is "paraphrase."
to deduct money from the payable amount of the policy
A Direct Sales Executive in LIC is someone who represents the Life Insurance Company of India directly to consumers in order to sell policies and take claims on insurance policies.
The quality or state of being productive; productiveness.
In health policies co-insurance is a percentage of covered expenses that insured is required to pay in addition to co-payment and deductible For example if you have an 80/20 plan, the insurance company pays 80% for covered services after you've met your deductible. You pay the remaining 20%, up to your out-of-pocket maximum.
The term premium volume is a measure of in-force business in a health insurance company. In-force business refers to the aggregate total of insurance policies which are being paid that a health insurance firm has on its record.
The house together with structures that are also on the property covered by an insurance policy. Examples might be a home with a storage shed, garage or barn. Most property policies have a limit they will pay for other structures based on a percentage of the main buildings, but they do not have to be insured directly unless they are of unusual value.