What does Lapse mean? Read on to discover the definition & meaning of the term Lapse - to help you better understand the language used in insurance policies.
A lapse is when certain privileges cease to be in effect. In the context of insurance, it usually refers to a cessation of coverage. A lapse of coverage can occur if a policyholder fails to pay the premiums that they owe to the insurer.
We hope the you have a better understanding of the meaning of Lapse.