How to distinguish the effective date of contract and the re effective date in life insurance

Article 13 of the "insurance law" stipulates: "an insurance contract is established when the applicant puts forward an insurance request and the insurer agrees to accept the insurance and reaches an agreement on the terms of the contract. The insurer shall issue an insurance policy or other insurance certificate to the applicant in a timely manner, and specify in the insurance policy or other insurance certificate the contents of the contract as agreed by both parties. " Article 14 of the insurance law stipulates: "after the establishment of an insurance contract, the applicant shall pay the premium as agreed; the insurer shall begin to bear the insurance liability at the agreed time." Effective date of contract: it can be seen from these two clauses that an insurance contract is a promissory contract, that is, as long as both parties reach an agreement on the main contents of the contract, the contract will be established, and the insurance premium paid by the applicant is not a necessary condition for the contract to become effective. In other words, whether the applicant pays the premium or not will not affect the establishment of the insurance contract. As long as the insurance company agrees to underwrite, the insurance contract will still be established even if the applicant fails to pay the premium in time; if the applicant pays the premium, but the insurance company does not agree to underwrite, the insurance contract will still not be established. The payment of insurance premium is not necessarily related to the establishment of insurance contract.

Effective date of reinstatement: if the insurance contract is terminated due to some reasons, such as forgetting to pay the premium, unwilling to continue to pay, etc. After the termination of the insurance contract, they begin to regret and want to restore the original policy. Generally, within two years after the termination of the insurance contract, the applicant can apply for restoration and reach a reinstatement agreement with the insurance company, but they have to pay the premium and interest within the expiration period. Some may need the insured to pass the physical examination before they can apply for reinstatement. The effective date of reinstatement is the date of negotiation between the insurer and the applicant If the agreement is reached, the date of reinstatement shall be when the applicant makes up the premium.

If the policy product has stopped selling, it will not be able to be reinstated. In addition, if the right of reinstatement is not exercised for more than 2 years, the insurance contract will be terminated forever.