Exam term

Lapse

The termination of coverage that occurs when a life policy's premium remains unpaid after the grace period ends and no nonforfeiture option applies.

Lessons that use this term

Common insurance terminology California
Term, whole, universal, and variable life policy classes California
Interest- and market-sensitive life products Florida
Premium payment modes and grace period Florida
Mandatory provisions I: entire contract, incontestability, grace period, reinstatement Florida
Modes of premium payment Florida
Term life insurance types New York
Term life renewability and convertibility features New York
Premium payment modes and grace period New York
Reinstatement, policy loans, and nonforfeiture options New York
Individual life policy provisions, free look, and grace period Texas