What is the timeframe to reinstate a lapsed policy?

The correct answer is three years for reinstating a lapsed policy. In the context of Washington insurance regulations, a lapsed policy generally allows for a reinstatement period of up to three years. This is designed to provide policyholders a reasonable window to reactivate their insurance coverage after a lapse without needing to undergo a new application process, which could include medical underwriting.

During this reinstatement period, the insured may need to meet certain conditions, such as proving insurability or paying any outstanding premiums and applicable interest. Understanding this timeframe is crucial for both policyholders and agents, as it allows individuals to maintain their coverage and avoid complications that may arise from purchasing new policies after a lapse. Other timeframes, such as one, two, or five years, do not align with the standards set for the reinstatement of lapsed policies in this context.