Definition: The term "insurancy lapsed" typically describes a situation where an insurance policy has expired, but the policyholder does not renew or cancel it. This could happen in various scenarios such as: 1. Policy cancellation: The policyholder may decide to stop paying for their policy after it expires. 2. Policy lapse: After a specified period of time (like 30 days or 90 days) has passed since the expiration date, the policy does not renew or be renewed by the insurer. 3. Termination of coverage: If the policyholder decides they no longer require insurance and would like to cancel it. The term "insurancy lapse" can also refer to other types of situations where an insurance policy is still valid but the policyholder has not paid for it, such as: 1. Policy cancellation: A policy has expired and the policyholder did not renew or cancel the policy. 2. Policy renewal: The policyholder renewed their policy after the expiration date, but they have never requested to be reinstated or renewed by the insurer. 3. Termination of coverage: There is a situation where the policyholder's insurance company has decided they no longer require it. In summary, "insurancy lapse" describes situations where an insurance policy is still active and the insured has not renewed or cancelled their policy, but the policy has expired.

insurance lapse

Definition: The term "When Insurance Lapse" refers to a situation in which there has been a lapse in payment on an insurance policy, such as a car insurance policy or a home insurance policy. This can happen when the policyholder fails to make payments on their policy or if the insurer is unable to collect any payments from the policyholder. The term "When Insurance Lapse" can be used in various contexts depending on the specific situation and circumstances involved. For example, it could refer to an incident where a vehicle insurance policy was delayed for more than 12 months because of a sudden increase in claims or a change in driving behavior by the policyholder. In this case, when insurance lapse could mean that the policyholder is no longer covered under their insurance policy and may need to seek out other forms of financial assistance. In summary, "When Insurance Lapse" refers to an incident where there has been a period of time where it is difficult or impossible for one party (the policyholder) to make payments on their insurance policy due to various reasons, such as the failure to do so being caused by the policy holder's own actions or circumstances. The term is commonly used in the context of car and home insurance policies.

when insurance lapse