Insurance Term
Lapse
Termination of a policy due to non-payment of premiums.
Detailed Explanation
Once a policy lapses, coverage ceases. Reinstatement may be possible within a certain timeframe if back premiums are paid and insurability is proven.
Premium Study Material
Don't just memorize terms.
Master the exam.
Get access to 650+ exam-like questions, detailed explanations, and specific state law-supplements for your state.
Pass Guarantee
State-Specific Content
Unlimited Practice Tests
Instant Feedback
Practice QuestionEasy
Which of the following best describes the concept of Lapse?
Start Practicing →