Final answer:
The Reinstatement provision allows an insured person to continue coverage after a policy has lapsed, provided they meet certain conditions such as paying overdue premiums and potentially providing proof of insurability.
Step-by-step explanation:
After a policy has lapsed, the provision that allows the insured to continue coverage is the Reinstatement provision. This provision gives the policyholder the option to reinstate their policy under certain conditions, typically within a certain period after the lapse and may require proof of insurability or payment of overdue premiums with interest.
The reinstatement provision is crucial as it provides a second chance for the insured to maintain their insurance coverage without having to apply for a new policy, which might come at a higher premium or with additional conditions due to changes in the insured's health status.