Definitions for "Policy lapse"
When the policyholder fails to maintain premium payments, the policy will eventually lapse, or cease to operate as a 'live' policy. Depending on the type of policy, there may be residual value in the event of a claim.
A point in time when a policy has been canceled or terminated for failure to pay the premium, or when the policy contract is void for other reasons.
A period during which an insurance policy is not in effect due to a failure to pay premiums required to keep policy in force.
Keywords:  length, active, time
Length of time the since policy has been active