What provision requires proof of insurability after a policy has lapsed?

The provision that requires proof of insurability after a policy has lapsed is the reinstatement provision. When an insurance policy lapses due to non-payment of premiums, reinstatement allows the policyholder to reactivate their coverage. However, in most cases, the insurer will require the individual to provide proof of insurability, which typically involves demonstrating that they remain in good health and meet the underwriting criteria needed to obtain insurance. This requirement protects insurers from the higher risk associated with individuals who may have developed health issues during the lapse period.

The other options represent different concepts within life and health insurance that do not pertain to the specific requirement tied to reinstatement. For instance, conversion refers to changing a policy from one type to another, commonly from a group policy to an individual policy without underwriting requirements. Renewal involves extending the life of a policy upon its expiration, often without requiring new proof of insurability. Lastly, a premium waiver is a feature that allows the policyholder to stop paying premiums during certain circumstances, typically due to disability, but it is unrelated to policy reinstatement after a lapse.