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.
Lapse or "revert" means the amount shall return to an unappropriated status.
Examples of Lapse in a sentence
Lapse – If sufficient loan repayment or premium is not paid by the end of the Grace Period, a lapse will occur.
The Policy remains In Force until the earliest of any of the following: · Surrender, as described in the Surrender and Withdrawal of Values section; · Lapse, as described in the Policy Lapse and Reinstatement section; or · The death of the Insured.
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 a condition wherein the due premiums have not been paid in full, as required under the plan, thereby rendering this Policy unenforceable. No benefits will be paid when the Policy is in Lapse status.
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 cessation of the benefits under the Policy upon non-payment of the due Premiums within the Grace Period.