What does owing to a lapse mean?
Asked by: Zita Mann | Last update: October 22, 2025Score: 4.2/5 (74 votes)
What does it mean for a payment to lapse?
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.
What does lapse mean in financial terms?
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. In the case of an insurance policy, the benefits of the policy may lapse due to non-payment of premiums.
What does due to lapse mean?
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 does being lapse mean?
: having ceased to be active in practice, membership, or belief. a lapsed Catholic.
Lapse: Definition, How It Works With Insurance, and Consequences
Does lapse mean cancel?
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.
What does it mean for someone to lapse?
intransitive verb. If someone lapses into a particular way of speaking, or behaving, they start speaking or behaving in that way, usually for a short period. She lapsed into a little girl voice to deliver a nursery rhyme. Synonyms: slip, fall, decline, sink More Synonyms of lapse.
What does lapse mean in law?
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.
How does lapse work?
You use the camera in the app to take your snap, and then wait at least a few hours for it to “develop”. Once it develops, you'll see your photo appear with Lapse's vintage filter. Then, you can decide to either archive it or share it to your journal. Journal: Your journal is essentially your profile.
What is a lapse in slang?
Behaving badly one day when you're usually on your best behavior is a lapse; behaving badly again after a short stint being well-mannered means you're lapsing back into nasty old habits.
What is the risk of lapse?
Lapse risk is defined as the rate of surrenders, as well as paid-up and other discontinuances, being higher or lower than the insurer's best estimate assumptions, where such difference results in a diminution of own funds.
Can I get my money back if my policy lapsed?
Insurance Lapse Meaning
In such cases, the policy lapses and all benefits and coverages offered are terminated if the due amount is not paid by the end of the grace period. Usually, there is no provision for a lapsed policy refund for insurance policies.
What is the lapse rule?
Lapse statute (also called anti-lapse statute ) is a rule of construction in trusts and estates law that prevents a devise from lapsing . Under common law , if a person devised a gift to a devisee and the devisee passed prior to the testator , the gift would “lapse” or fail, leaving the property to intestacy laws .
What is lapse in banking?
A lapse occurs when the benefits and rights stated in a contract no longer remain active due to the contract holder failing to honor requirements and conditions set forth by a contract or agreement.
Can you get insurance after a lapse?
You can get car insurance after a lapse a few different ways. If your coverage lapsed because of a missed payment, you may be able to get your coverage reinstated if you pay your bill and your insurer had a grace period.
What does due to lapse of time mean?
the reason for a legal agreement ending, because an agreed time limit has passed: The contracts had been terminated because they had expired by lapse of time.
Does Lapse cost money?
Lapse is totally free. We don't run ads or sell your data - unlike other platforms. In order to use the camera we require camera permissions. We require photo library access, so you can save your photos.
Does Lapse mean to end?
1. : to slip, pass, or fall gradually. lapse into silence. 2. : to come to an end : cease.
How do Lapse rates work?
The Lapse Rate is the rate at which temperature decreases with height in the Atmosphere. Lapse rate nomenclature is inversely related to the change itself: if the lapse rate is positive, the temperature decreases with height; conversely if negative, the temperature increases with height.
What is the common law of lapse?
Under the common law lapse rule, if a devisee died before the testator, his gift was said to have lapsed – or failed.
What is the law of time lapse?
Description of the legal term Lapse of Time:
In contract law, the principle of lapse of time can play a significant role in the context of offer and acceptance. An offer is not usually open indefinitely; it can lapse after a certain period if not accepted.
What happens when a policy lapses?
A life insurance lapse occurs when you stop paying your policy's premium and the contractual grace period has expired. If you let your life insurance lapse, coverage will end. Depending on your policy, you might be able to reinstate a lapsed policy by meeting certain requirements.
What is a lapse in Judgement?
A lapse of something such as concentration or judgment is a temporary lack of that thing, which can often cause you to make a mistake. Collins COBUILD Advanced Learner's Dictionary.
What is a lapse notice?
A life insurance policy lapse notice is an official notification from the life insurance company indicating that a policy will be terminated due to non-payment of premiums within a specified timeframe.
Is negligence the same as lapses?
To answer the question you asked, “lapse” frequently means “negligence” or “carelessness.” It never, to my knowledge, means an intermission or pause (without value judgment): you wouldn't talk about the “lapse” between Act One and Act Two, for example.