Lapse definition
Lapse or "revert" means the amount shall return to an unappropriated status.
Lapse means the status of the Policy where due Instalment Premium ,for the period as specified in the Part C of the Policy, have not been paid within the Grace Period and where policy benefits ,if any, shall become payable in accordance with Part C.
Examples of Lapse in a sentence
An additional copy addressed to: Manager Business Services Attn: Insurance Certificate, Contract # (Enter Contract Number from 1st page upper left of this Agreement ) Judicial Council of California 000 Xxxxxx Xxxx Xxxxxx, 0xx Xxxxx Xxx Xxxxxxxxx, XX 00000 Consequences of Lapse.
More Definitions of Lapse
Lapse means a condition wherein the due premiums for the first Policy year have not been paid in full within the grace period for the Policy, thereby rendering the Policy unenforceable. No benefits will be payable when the Policy is in Lapse status.
Lapse means an occurrence of any period of time, regardless of duration, during which (i) a Covered Product is not the subject of an active Order for Maintenance Services or other Support Contract and an active Coverage Period, and/or (ii) payment is past due to Hexagon under a Support Contract. Extension of a Coverage Period and/or payment to Hexagon after the occurrence of a Lapse shall not negate a Lapse, absent Hexagon’s express written waiver.
Lapse means the termination of authority to expend an appropriation.
Lapse for the purposes of clause 6, is given its usual meaning of “a slight error” provided however a “lapse” will not be deemed to have occurred in the following circumstances:
Lapse means a condition wherein the Policy has not acquired Surrender Value and the due premiums have not been paid for at least the first two consecutive Policy Years in full, as required under the Policy, thereby rendering this Policy unenforceable. No benefits will be paid when the Policy is in Lapse status.
Lapse or “Lapsed” means a status whereby a policy is no longer in force because premium was not paid as required. A Lapsed policy terminates and cannot be reinstated if it is outside any period Genworth allows for the policy to be automatically reinstated with payment of past due premium. For purposes of this Settlement Agreement, a policy in Non-Forfeiture Status is not a Lapsed policy.
Lapse in this context means that the Awards were forfeited due to either the applicable service or performance conditions not being met.