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Lapse — Insurance Glossary | AtlasBrokers
Glossary/Lapse

Lapse

The termination of an insurance policy due to non-payment of premiums. When a policy lapses, coverage ends and the policyholder loses the protection. Some policies may be reinstated within a certain period, often requiring evidence of insurability and payment of back premiums.

Related Terms

Grace Period

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Home Insurance in Canada: Complete Guide for Homeowners →Tenant Insurance: Why Renters Need Coverage Too →Home Insurance 101: What Every Canadian Homeowner Should Know →
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