What does lapsed mean in accounting?
Asked by: Tavares Kuphal | Last update: June 9, 2025Score: 4.6/5 (52 votes)
What does it mean when a payment is lapsed?
When policyholders stop paying premiums and when the account value of the insurance policy has already been exhausted, the policy lapses. A policy does not lapse each and every time a premium payment is missed. Insurers are legally bound to give a grace period to policyholders before the policy falls into a lapse.
What does it mean when a case lapses?
A case lapses when the prosecutor or complainant withdraws the charges. The charges can be withdrawn, for example, if in the light of new evidence, there are no longer grounds for accusing the accused or if the complainant no longer wishes to demand punishment.
What does lapsed status mean?
expired; voided; terminated: a lapsed insurance policy. no longer committed to or following the tenets of a particular belief, obligation, position, etc.: a lapsed Catholic.
Does lapsed mean cancelled?
Lapse of coverage is distinctly different than cancellation of an insurance policy in that lapse generally does not require notice to you, the insured, whereas cancellation generally does.
Lapsed | meaning of Lapsed
What does lapsed mean in business?
lapsed | Business English
no longer being continued or paid: One suggestion is to revive lapsed tax breaks for businesses' research expenses. (Definition of lapsed from the Cambridge Business English Dictionary © Cambridge University Press)
Is lapsed the same as expired?
A membership becomes expired on the expiration date specified on the membership record. A membership is lapsed during the time between when it expires and when it is dropped.
What lapsed funds mean?
Lapse Funds: any available funds created by a vacancy. It does not apply to free balances created due to release time. Lapse generated in fee accounts, auxiliaries, athletics, and restricted are excluded from the following process.
What does being lapsed mean?
: the termination of a right or privilege through neglect to exercise it within some limit of time. (2) : termination of coverage for nonpayment of premiums. the lapse of an insurance policy.
What does lapsed option mean?
A Lapsed Option is an option that can no longer be exercised because some necessary condition has expired. Often stock options are granted but have a finite time period within which the options must be exercised. Once the finite period ends, the options that have not been exercised are said to “lapse.”
What is lapsed in accounting?
Lapse refers to a stoppage/cessation that occurs due to inactivity or non-fulfilment of the terms of a contract. A benefit or a privilege will lapse when an individual fails to fulfil the terms and conditions or requirements as mentioned in a contract or agreement.
What is the legal definition of lapsed?
Lapse is the termination of a right, interest, duty or obligation as a result of the passage of time, or failure of a condition, or a change in circumstance. Lapse because of the passage of time.
What is the other meaning of lapsed?
to come to an end the contract will lapse at the end of the year unless we renew. expire. end. stop. cease.
What is a lapsed account?
A lapsed member is one who has lost membership privileges because of unpaid membership fees.
What is the meaning of lapsed money?
If any money is allocated for some purpose is not spent within the year in Government or in corporate sector, it means money allocated has lapsed. If you want that purpose served in the next year, you will have to again seek allocation for the same lapsed budget allocation.
How do I get my money back from a lapsed policy?
If you have a term life insurance policy that has lapsed, it typically means that the coverage has ended because you didn't make the required premium payments. In this case, you typically cannot get any money back from the policy, as the coverage has already expired.
What is lapsed status?
Lapsed status means the license or registration is null and void, is no longer valid and cannot be reactivated.
What is the meaning of lapse in simple terms?
noun. an accidental or temporary decline or deviation from an expected or accepted condition or state; a temporary falling or slipping from a previous standard: a lapse of justice. a slip or error, often of a trivial sort; failure: a lapse of memory.
What is a payment lapse?
If a payment isn't received by the end of the grace period, the policy lapses. Your beneficiaries will likely not be able to claim your death benefit, and you'll lose the premiums you've already paid.
Does lapsed mean expired?
This adjective can also mean "expired," like your dog's lapsed license, which ran out months ago and you keep forgetting to renew.
What is a lapsed salary?
Definition of Lapsed Salary
Lapsed Salary is defined as the portion of the budgeted salary for a permanent SHRA or EHRA (Faculty or Non-Faculty) position that becomes available during the course of the fiscal year as a result of the employee's separation, reassignment, sabbatical leave or unpaid leave of absence.
What is a lapsed time period?
A lapse of time is a period that is long enough for a situation to change or for people to have a different opinion about it. If a period of time lapses, it passes. If a situation or legal contract lapses, it is allowed to end rather than being continued, renewed, or extended.
What is the meaning of lapsed date?
Lapse Date means, with reference to the distribution of a security that has been qualified under a simplified prospectus, the date that is 12 months after the date of the most recent simplified prospectus relating to the security.
What does already lapsed mean?
1. expired; voided; terminated. a lapsed insurance policy. 2. no longer committed to or following the tenets of a particular belief, obligation, position, etc.
What does coverage lapsed?
Simply put, a lapse occurs when premium payments on a life insurance policy are missed and, depending on the type of insurance, the cash value is exhausted. “Lapse” is shorthand for a “lapse in coverage,” which means the policy will no longer pay a death benefit for the insured person.