What is the Definition of Lapse in Insurance Terms?

What is the Definition of Lapse in Insurance Terms?

The termination of an insurance policy because a renewal premium is not paid by the end of the grace period.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Lapse in Insurance Terms?

What is the Definition of Lapse in Insurance Terms?

You can find random definition and meaning of insurance terms below:


Meaning of Environmental  Impairment Liability Coverage in Insurance Terms

A form of insurance designed to cover losses and liabilities arising from damage to property caused by pollution.


Meaning of Equity in Insurance Terms

In investments, the ownership interest of shareholders. In a corporation, stocks as opposed to bonds.


Meaning of Equity Indexed Annuity in Insurance Terms

Nontraditional fixed annuity. The specified rate of interest guarantees a fixed minimum rate of interest like traditional fixed annuities. At the same time, additional interest may be credited to policy values based upon positive changes, if any, in an established index such as the S&P 500. The amount of additional interest depends upon the particular design of the policy. They are sold by licensed insurance agents and regulated by state insurance departments.


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