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The process by which an Insurer puts back into force a policy that either lapsed or converted to extended term and the term has not yet expired.
A life insurance policy beneficiary whose right to the policy’s proceeds can be cancelled or reduced by the policyowner at any time before the Insured’s death.
A supplemental benefit attached to and forming an integral part of the policy. Riders are usually added to the policy to customize a basic plan of insurance or provide additional coverage.