Definition: The term "when insurance policy lapse" refers to a situation where an insurance policy has expired or terminated, meaning that it is no longer valid for the insurance coverage provided by the insurer. A lapse in coverage refers to a period during which the insurance policy may not be renewed, extended, or reinstated. In some cases, this may occur due to expiration of the policy's coverage period, lapses in timely premium payments, or changes in circumstances beyond the insurer's control such as an accident, illness, or death. Lapse in coverage can have several consequences, including increased premiums, reduced benefits, and a reduction in coverage options. It is important for individuals and businesses to review their insurance policies regularly and ensure that they are up-to-date on all required coverage periods to avoid any potential issues with the insurer's policy lapse.
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