Lapses definition

Lapses. If the Closing Conditions have not been satisfied (or waived where permitted) by 11:59 p.m. (Hong Kong Time) on 6 October 2023 or such other time as the parties may otherwise agree (the “Long Stop Date”) , the obligations of the Subscriber to subscribe for, and the Issuer to allot and issue, the Subscription Shares under this Agreement shall become null and void save for any antecedent breaches by any Party.

Lapses means the cessation of premium payment in respect to the Policies, even though some of the "lapsed" Policies remain in force as a result of a non-forfeiture benefit provision in such Policy or Policies. Upon the occurrence of an Assumption Reinsurance Event, a calculation shall be made to determine if a retrospective adjustment of the Ceding Fee shall be required. The Ceding Fee is based partially on the present value of projected statutory profits from the Policies over a thirty (30) year period discounted at a rate of 14%. The parties agree to use a discount rate of 15.08% for purposes of such recalculation instead of the 14% rate used in the Actuarial Appraisal because the Ceding Fee shown in the Actuarial Appraisal in the amount of $13.243 million was compromised to the amount of $12.750 million, and the higher discount rate for purposes of the recalculation is to adjust for this difference. In determining the annual premium income the parties agree that certain assumptions are made for each year in the number of policies that may lapse, the amount of cash surrenders, the number of lapsed policies not surrendered but converted to Extended Term Insurance ("ETI"), and the amount of administration expense allowed to administer each policy. The Company shall refund to Reinsurer the decrease in the Ceding Fee, if any, determined by recalculating the Ceding Fee under the Actuarial Appraisal by substituting in lieu of projected statistics in the Actuarial Appraisal the following actual statistics occurring within the twelve (12) month period next following an Assumption Reinsurance Event ("Substitution Period"), namely:

Lapses. With respect to Policies which are cancelled for any reason within the first year following the Policy effective date, Company may chargeback to Officer the entire first-year Commission paid on such Policy.

Examples of Lapses in a sentence

• If a Policy Lapses, all coverage under the Policy will terminate and no benefits will be received.

• If a Policy Lapses, the Company may contest the validity of a Policy for two years from the date it was reinstated.

• Lapses in performance are due to the employee’s lack of effort or skills.

• Lapses relate to the termination of policies due to non–payment of premiums.

• Lapses that are higher than assumed are often detrimental to profit especially if they occur prior to recovering costs to issue a certificate.

• Lapses in annual MSF and/or balances not paid over sixty (60) days will be monitored and will lead to denial of support, and upgrade privileges.

• Utilization (Amount)Inflation Type Voluntary Lapses [REDACTED] Actual to Expected ratios by amount for this block (John Hancock individual business) summarized by inflation and duration groups before and after the assumption update are shown below.

• Lapses that are lower than assumed can also reduce profits on certificates that have generous interest rate guarantees or on certificates where the increasing cost of insurance benefits exceeds the level contractual charges.

• Robert Cooter and Ariel Porat, Lapses of Attention in Medical Malpractice and Road Accidents, June 2014 691.

• Lapses in insurance coverage may result in denial of access to the Airport and termination of the License.