Business, Legal & Accounting Glossary
The termination of an insurance policy due to the fact that a renewal premium is not paid by the conclusion of the grace period.
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.
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This glossary post was last updated: 28th April, 2020 | 1 Views.