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Insurance

Lapse

When a policy owner fails to pay the premium within the grace period, the policy is terminated. This means that the coverage will end and the policy will no longer be in effect. However, if there are nonforfeiture values, the policy can still be utilized as reduced paid-up insurance. This means that even though the policy has lapsed, there is still some insurance coverage available. It is important to understand the terms and conditions of your policy to avoid any lapses and ensure continuous coverage.

Related terms

Adjustable Life Insurance

Understand the meaning and definition of Adjustable Life Insurance in the context of stock market, trading, and investments.

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IRDA

Understand the meaning and definition of IRDA in the context of stock market, trading, and investments.

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Indemnify

Understand the meaning and definition of Indemnify in the context of stock market, trading, and investments.

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Straight term

Understand the meaning and definition of Straight term in the context of stock market, trading, and investments.

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Loss

Understand the meaning and definition of Loss in the context of stock market, trading, and investments.

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Ratification

Understand the meaning and definition of Ratification in the context of stock market, trading, and investments.

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