DEFINITION OF POLICY RECOVERY Reactivation of Lapsed Policy by settling all premium-in-arrears and interest/penalty.
MECHANISM
Application of the Policy Holder.
The Expired Policy or Automatic Premium Free Policy may be recovered in five years period since the insurance becomes Expired or Automatic Premium Free and the insurance period is still valid.
Under particular circumstances, Policy Recovery requires medical check-up of the beneficiary, the expenses of which shall be fully borne by the Policy Holder.
Policy Recovery shall be at the same time with the settlement of all premium-in-arrears and other debts in respect of the Policy.
The acceptability of Policy recovery application shall depend on the result of medical check-up by the physician and at the discretion of the Agency.
The recovered policy shall come into effect as of the date specified in the written notice from the Agency to the Policy Holder, upon submitted request and terms of recovery.
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