However, an insurance provider can exempt you from penalties for a lapse under two weeks. Many situations can cause a lapse in car insurance coverage. While some are deliberate, others may be unintentional and beyond your control. Here are the common causes of a lapse in car insurance: ...
Lapse is most often used in the context of insurance, where the term implies a "lapse in coverage," a direct translation of how a lapsed policy no longer confers benefits or provides coverage. Lapsing can also occur in other contexts. Lapsed Insurance Policies When policyholders stop paying p...
Insurance.discontinuance of coverage resulting from nonpayment of a premium; termination of a policy. Law.the termination of a right or privilege through neglect to exercise it or through failure of some contingency. Meteorology.lapse rate.
Insurance lapse occurs when a policyholder fails to make the required premium payments by the due date, resulting in the discontinuation of insurance coverage. This can happen with various types of insurance, including auto, home, health, or life insurance. When a policy lapses, the insurance com...
The termination or failure of a right or privilege because of a neglect to exercise that right or to perform some duty within a time limit, or because a specified contingency did not occur. The expiration of coverage under an insurance policy because of the insured's failure to pay the prem...
What young people want is a policy with a high deductible that will protect them from the costs of a medical catastrophe. The law also doesn't result in universal coverage. Instead, it imposes more government control over how we live our lives and ultimately will lead to costlier insurance....