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.