Allows the holder of a lapsed life policy to apply for a revival notwithstanding that the grace period and the non-forfeiture period have both expired. The period allowed is one or two years from the days of grace. The policyholder must pay a revival fee, the overdue premiums plus interest and submit evidence of health as required by the office.
Tag: RAW
Revocable beneficiary
See: beneficiary .
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A beneficiary designation that may be changed by the Policy owner without the consent of the existing beneficiary.
Revocable beneficiary (Life Insurance)
A type of beneficiary that can be changed or revoked.
Revocable Trust
A trust that can be terminated or revoked by its creator.
Revocable trust (Legal Terminology/Estate)
A trust that can be revoked by the grantor, who retains control over the trust.
REVS
Acronym that means recipient eligibility verification system. See Medicaid eligibility verification system (MEVS) .