In the event K failed to pay a renewal premium and subsequently made a payment that was accepted, which policy provision governs reinstatement of coverage?

The correct choice focuses on the specific provision that outlines the process for reinstating an insurance policy after it has lapsed due to non-payment of premiums. In this situation, since K failed to pay a renewal premium but later made a payment that was accepted by the insurer, the reinstatement provision becomes relevant.

This provision typically details the conditions under which a lapsed policy can be reinstated, such as requirements for payment, any need for evidence of insurability, and the circumstances under which the coverage will resume. Policies often allow for reinstatement after a certain period, and the accepted payment suggests that the insurer is willing to restore coverage according to the terms laid out in this provision.

On the other hand, the other options relate to different aspects of insurance policy management. The cancellation provision deals with how and under what circumstances a policy can be canceled by either the insurer or the insured, rather than focusing on reinstatement. The grace period is a time frame that allows for premium payments to be made without penalty, but it does not govern the reinstatement of coverage after a lapse. Lastly, the term reinstatement limit may refer to specific conditions or timeframes placed on reinstatement but does not describe the actual provision that governs the procedures involved in reinst