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Glossary > L > "Lapse" Definition

Lapse

The termination of an insurance policy due to non-payment of premium(s).

In insurance terminology, a policy is deemed to have lapsed when the policyholder fails to pay the renewal premiums. Also, it may be that the insurers do not invite renewal.

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Lapse - The termination of an insurance policy due to non-payment of premium(s).

In insurance terminology, a policy is deemed to have lapsed when the policyholder fails to pay the renewal premiums. Also, it may be that the insurers do not invite renewal.

Lapse : the termination of an insurance policy due to non-payment of premium(s).

in insurance terminology, a policy is deemed to have lapsed when the policyholder fails to pay the renewal premiums. also, it may be that the insurers do not invite renewal.