Expiring of policy due to failure to pay the renewal premium.
Terminated policy due to non-payment of premium.
The failure of a legacy or devise made in a will, often because the beneficiary dies before the testator.
When a policy is terminated because of failure to pay premium.
Insurance policy termination due to the insured's failure to make premium payments.
If a policy becomes void because conditions have not been kept to (such as failing to pay premiums), it has lapsed.
On traditional life products, a change in policy status caused by the policy owner's failure to pay the premium by the end of the grace period. The policy will either terminate without value or fall under one of the non-forfeiture options. On universal life contracts, termination of the policy is caused by insufficient value in the policy to pay the next month's mortality and expense charge.
Termination of an insurance policy because of failure to pay a premium or lack of sufficient cash value to maintain the policy's in-force status. A policy that has lapsed is referred to as a "lapsed policy."
Termination of an insurance policy due to non-payment of renewal premiums. If the policy has cash value, the insurance coverage may remain effective as extended term or reduced paid-up insurance by means of a non-forfeiture option.
Termination of an insurance policy because of nonpayment of premiums or, in the case of variable and universal life policies, the depletion of cash value below that amount needed to keep the policy in force. In life insurance, the term sometimes means nonpayment before the policy has developed any nonforfeiture value, being called termination if premium failure occurs after nonforfeiture value develops or surrender if cash value is withdrawn.
The cancellation of an insurance policy due to non-payment of renewal premiums during the grace period.
The expiration of a right or privilege when one party does not live up to its obligations during the time allowed.
A period during which a right, privilege, or insurance policy is not in effect due to a failure to act. see also reinstate.
Lapse is the term used to describe the termination of life insurance coverage caused by a failure to continue payment of the premiums.
The termination of a policy when needed premiums are not paid and the policy has no cash value.
A lapse is when a policy has been allowed to run for its determined time and has not been renewed.
Discontinuation of insurance without cash values when required premiums are not paid. If cash value exists there be non forfeiture provisions available.
That portion of an appropriation which was not spent may be lapsed. A lapse reverts to the fund from which it was appropriated and becomes part of the unappropriated surplus. Most appropriations automatically lapsed the end of a fiscal year and require only an administrative action. Continuing appropriations which are made for no fixed period of time lapse where legally terminated or when the purpose for which the funds were appropriated is achieved.
a failure to maintain a higher state
a memory failure, in which either the goal, the action to be executed, or the information needed to execute the action is not in memory when needed
an unintentional action where the failure involves memory
Termination of an insurance policy because premiums were not paid on time.
Termination of coverage because of nonpayment of premium within a specified time period.
Termination or cancellation of an insurance policy caused by the policyholder's failure to pay the premium within the required time.
Termination of insurance coverage for failure to pay premium.
The date when a patent is no longer valid in a country or system due to failure to pay renewal (maintenance) fees. Often the patent can be reinstated within a limited period.
The failure of a bequest in a will because the intended recipient died before the testator.
The expiration of the authorization to spend funds. Operating appropriations lapse at the end of the fiscal year unless otherwise specified.
When premium payments are in default, an insurance contract is cancelled and is said to have "lapsed."
The termination of a right or privilege through disuse, a death or other failure. A policy will lapse if you do not make an installment payment or you do not renew.
Termination of a policy for non-payment of premium.
Termination of a policy because of non-payment of renewal premiums.
Termination of a policy upon the policyowner's failure to pay the premium within a specified period of time.
The termination of authority to expend all or part of an appropriation. An appropriation is typically made for the period of a fiscal year, at the end of which the balance is lapsed into the General Fund, subject to constitutional and/or statutory directives.
Termination of coverage for nonpayment of premiums.
A policy will lapse or comes to an end as a result of non-payment of premiums. Insurers will usually notify you first that payment is overdue. It is important to let your insurer know of any change of address.
An option "lapses" if it expires worthless, that is, it has no intrinsic value on expiry.
Termination of a certificate due to non-payment of renewal premiums. If the certificate has cash value, then the certificate's insurance coverage may remain effective through the use of an automatic premium loan.
Termination of a life insurance contract because of non-payment of premiums. If there are non forfeiture values, the policy lapses but may remain effective reduced paid-up insurance.
A policy lapses or comes to an end as a result of non payment of the premiums.
When a life insurance policy is no longer in force.
Termination of a policy due to non-payment of premiums.
The termination of an insurance policy for failure to pay the policy's premium.
Termination of a policy because of failure to pay the premium. In life insurance, the term is sometimes confined to non-payment before the policy has developed any non-forfeiture value, being called termination if premium failure is after non-forfeiture values develop or surrender if cash value is withdrawn.
A policy becoming invalid because of failure to pay the premium on time.
A policy will lapse (also referred to in a policy as “default”) if it does not have enough “net cash surrender value” to pay the policy's monthly charges when due. Coverage under the policy will cease if a payment is not made within the grace period.
The term used when a policy's coverage has been either discontinued by the insurer, or terminated by the insured. When coverage has ended, the policy is said to have "lapsed."
Termination of a policy for failure to pay the premium.
The termination of a policy for nonpayment of premium, used commonly in life insurance. If the insurance contract becomes void for other reasons, it is also said to have lapsed.
Historically, the termination of an insurance policy due to non-payment of premium by the end of the grace period. At that point, the policy will either terminate without value or fall under one of the non-forfeiture options (reduced paid-up coverage, extended term coverage, etc.). With variable and interest-sensitive life insurance policies, lapse may result when there is inadequate cash value in the policy to pay the next mortality and expense charge.
In property and casualty insurance, termination of a policy because of failure to pay a renewal premium.
The termination of an insurance policy at the renewal date.
A term used to refer to a cancellation of a contract due to an individual's failure to pay premium.
termination of insurance coverage when premium is not paid.
the termination of an option without trade in the underlying security or commodity.
Termination of a policy upon the policy owner's failure to pay the premium within the grace period.
Termination of a policy upon the policyholder's failure to pay the premium within the time required.
Termination of an insurance policy because premiums were not paid when they came due.
To allow insurance coverage to expire by not paying premiums.
Lapse is the failure of a specific bequest because the beneficiary predeceased the testator.
A time period when an insurance policy is not in force, usually because payment and/or information was not received in a timely manner.
The termination of an insurance policy because of the policyowner's failure to pay the premium by the end of the grace period.
termination of a policy because the end of the grace period has not paid the premium.
Refers to the termination of an insurance policy because the premium was not paid within the grace period. It is possible to re-instate the coverage with the same premium and benefits intact, but the life insured will have to re-qualify for this coverage again and pay for all unpaid premiums.
Termination of your insurance coverage when you fail to pay the premium.
When the policyholder fails to make the premium payments and the policy becomes null and void.
The termination of an insurance policy because a renewal premium is not paid by the end of the grace period.
The termination of an insurance policy because a renewal premium was not paid within the grace period.
Termination of coverage provided in an insurance contract because of the nonpayment of a premium within the time period.
The termination or discontinuance of an insurance policy due to non-payment of a premium.
The termination of a policy because of the failure of the insured to pay the renewal premium.
The termination of an insurance contract due the premium not being paid.
The termination of an insurance contract because the premium has not been paid.
Ending insurance coverage without cash value when the policyholder fails to pay the premium.
That portion of an appropriation not spent by the end of the fiscal year and then becomes part of the unappropriated surplus.
when the premium is not paid by the due date or within the grace period, the policy terminates, or lapses.
Termination of a policy when a required premium has not been paid by the end of the policy's grace period.
termination of an insurance policy for nonpayment of the premium.
An insurance is said to lapse when it ceases to operate either because the insured does not pay the renewal premium or because the insurer does not invite its continuance.
the non-renewal of a policy for any reason.
Termination of a policy due to nonpayment of premiums.
The ending of the insurance policy due to the non-payment of a premium
As applied to appropriations, the automatic termination of an appropriation. Except for indeterminate appropriations and continuing appropriations, an appropriation is made for a certain period of time. At the end of this period, any unexpended or unencumbered balance thereof lapses, unless otherwise provided by law.
Termination by act of non-performance (i.e. the lapsing of an insurance policy for failure to pay the premium due).
The insurance term that describes the discontinuance of the life insurance policy from not paying the required premium. Level Term Life Insurance This is a fixed amount of term life insurance that remains constant throughout the life of the policy.
The discontinuation of insurance without cash value when the required premium is not paid. If cash value exists, there may be nonforfeiture provisions available.
A policy that has been cancelled due to the non-payment of premiums.
The termination of a policy when the renewal premium is unpaid.
Termination of a policy when a renewal premium is not paid.
The monies received through an agreement which cannot and will not be spent during the funding period and which either revert to the funding source or become surplus to be carried over into the next funding period.
The termination or discontinuance of a policy, usually resulting from the insured's failure to pay the premium due.
The termination of a policy because premiums are not paid before the end of the Grace Period. Some policies allow for Reinstatement after certain conditions are met.
The termination of insurance coverage due to premiums not being paid or due to insufficient net cash value to pay premiums which are due.
Expiration or cancellation of an insurance policy by nonpayment of premium.
Non-payment of premium will cause your Insurance policy to end or lapse
the termination of an insurance contract through the non-payment of the premium or by the insurers decision not to invite renewal.
Termination of insurance coverage for failure to pay premiums.
Allowing insurance coverage to expire by not paying premiums.
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.
Termination of a policy due to failure by the insured to pay the premium as required
The termination of an insurance policy due to the failure to pay the premium.
In the event that instruction to renew the policy is not made or if there is failure to pay renewal premium within stipulated time frame, the policy would expire or simply lapse.
Termination of a policy because of failure to pay the premium. In Life Insurance, the term refers to nonpayment before the policy has developed any nonforfeiture values. If it has, and the premium is not paid, it is said to have lapsed "except as to any nonforfeiture benefits that may apply."
This is when an insurance policy is terminated due to non-payment of the associated premium.
The termination of an insurance policy because you haven't paid the premium(s) on it
technically, discontinuance of a contract by the insured by non-payment of premium before the policy has a cash or other non-forfeiture value; popularly, loss or reduction of rights by non-payment of premium at any time.
An insurance policy which, having reached its expiry date, is not renewed or extended is said to have lapsed.
It refers to the termination of an insurance policy due to non-payment of the premium.
To fail to continue an insurance policy; to cease to provide insurance protection.
The termination of an insurance contract at renewal either by non-payment of the premium or the insurer refusing to invite renewal.
