Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one once the repairs or purchases have been made. The full cost to repair or replace the damaged property with no deduction for depreciation, subject to policy limits and contract provisions. The restoring of a lapsed policy to full force and effect. The reinstatement may be effective after the cancellation date, creating a lapse of coverage.
Some companies require evidence of insurability and payment of past due premiums plus interest.
Rider Usually known as an endorsement, a rider is an amendment to the policy used to add or delete coverage. When the policy is terminated prior to the expiration date at the policyholder's request. Earned premium charged would be more than the pro-rata earned premium. Generally, the return premium would be approximately 90 percent of the pro-rata return premium. However, the company may also establish its own short-rate schedule.