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Reduced paid-up
A paid-up policy with a lower value of sum assured compared with the initial sum assured purchased. A policyholder with a policy that has acquired a cash value can opt to stop paying future premiums and convert his/her policy to a reduced paid-up policy.
Reinstatement
Revival of a policy that has lapsed within a period of time under certain conditions.
Rider
An attachment to a policy that modifies its conditions by expanding benefits.