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

Robbery

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

MORE
Positive act

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

MORE
Claim

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

MORE
Estoppel

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

MORE
Self-insurance

Understand the meaning and definition of Self-insurance in the context of stock market, trading, and investments.

MORE
Non-participating policy

Understand the meaning and definition of Non-participating policy in the context of stock market, trading, and investments.

MORE
Open Free Demat Account!

Join our 3.5 Cr+ happy customers

+91
Explore other categories
Enjoy Zero Brokerage on Equity Delivery
4.4 Cr+DOWNLOADS
Enjoy Zero Brokerage On Stock Investments

Get the link to download the App

Get it on Google PlayDownload on the App Store
Open Free Demat Account!
Join our 3.5 Cr+ happy customers