If a life insurance policy lapses due to non-payment, the "reinstatement provision" typically allows the policyowner to reactivate the policy by doing all of the following, EXCEPT:

The reinstatement provision in a life insurance policy allows the policyowner to reactivate a lapsed policy under specific conditions. One of these conditions is that the policyowner must provide proof of insurability. This means that the insurer can require evidence that the insured is still in good health or meets certain risk criteria before allowing the reinstatement.

Paying all back premiums with interest is necessary to settle any outstanding payments owed on the policy, ensuring that the insurer receives their due compensation for the coverage provided prior to the lapse. Additionally, repaying any outstanding policy loans with interest is typically required, as it brings the account balance back into good standing and reduces the total indebtedness related to the policy.

In contrast, paying a new initial premium without proving insurability is not aligned with the reinstatement provision's requirements. The insurer needs to assess the risk associated with the insured’s current health status before agreeing to reinstate the policy. By skipping this evaluation and only paying a new initial premium, the policyowner would essentially bypass the insurer's consideration of the current insurability of the individual covered under the policy. Thus, this option does not fit the typical stipulations of reinstating a lapsed policy.