Define: Lapse

UK Accounting Glossary

Definition: Lapse

Quick Summary of Lapse

The termination of an insurance policy due to the fact that a renewal premium is not paid by the conclusion of the grace period.

What is the dictionary definition of Lapse?

Dictionary Definition

  1. A temporary failure; a slip.
  2. A decline or fall in standards.
  3. A pause in continuity.


Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Lapse. Payroll & Accounting Heaven Ltd. March 31, 2020
Chicago Manual of Style (CMS):
Lapse. Payroll & Accounting Heaven Ltd. (accessed: March 31, 2020).
American Psychological Association (APA):
Lapse. Retrieved March 31, 2020, from website:

Definition Sources

Definitions for Lapse are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 15th February 2020.