Final answer:
The provision to reactivate a lapsed insurance policy due to nonpayment is Reinstatement, where the policyholder must pay back overdue premiums and possibly additional costs. The correct option is A.
Step-by-step explanation:
The provision that can be used to put an insurance policy back in force after it has lapsed due to nonpayment is called Reinstatement. A reinstatement typically requires the policyholder to pay any overdue premiums, possibly along with interest and a potential penalty. This option is different from a Grace period, which is a set time after the due date for a premium during which the policy remains in force without penalty. The Automatic premium loan provision allows an insurer to use the cash value of a policy to pay unpaid premiums to avoid a lapse, while a Waiver of premium provision relieves the policyholder of making premium payments if they're unable to do so due to a disability or other covered event. The provision that can be used to put an insurance policy back in force after it has lapsed due to nonpayment is called Reinstatement. When an insurance policy lapses due to nonpayment, the policyholder has the option to reinstate the policy by paying all past due premiums, along with any applicable fees or interest. Reinstatement allows the policyholder to resume coverage under the original terms and conditions of the policy.