What is one requirement for insurance policy reinstatement following a lapse due to nonpayment?

The requirement for insurance policy reinstatement following a lapse due to nonpayment typically involves the submission of a reapplication. When a policy lapses, the insurer often requires the policyholder to formally reapply for coverage. This process allows the insurer to reassess the risk and ensure that the terms of the insurance remain appropriate given any changes in the policyholder's circumstances since the policy lapsed.

In the case of a lapse due to nonpayment, merely paying the outstanding premiums does not automatically reinstate the policy; the insurer needs to evaluate the applicant's current risk profile. The reapplication can involve completing specific paperwork or forms provided by the insurer and may require the payment of any overdue premiums along with additional fees.

Other options, like needing approval from the insurance board, are not standard practice for individual policy reinstatements and generally do not apply to typical reactivations of insurance policies. Similarly, notifying the insurance commission is not a required step for reinstatement, and immediate payment of all premiums may not be sufficient if a reapplication is necessary. Hence, the correct answer focuses on the procedural necessity for reinstatement, which often involves submitting a reapplication.