Lapse
When your insurance policy is canceled because you stopped paying premiums. A lapse in coverage means you are uninsured during that gap, which can lead to higher rates when you try to get covered again. Some policies offer a reinstatement option after a lapse.
Related Terms
Disclaimer: This glossary entry is for informational purposes only and does not constitute financial or insurance advice. Consult with a licensed insurance professional for personalized guidance. GuardianChoices may earn affiliate commissions from links on this site — see our advertiser disclosure.
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