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