Definitions for "Lapse"
The termination of a right or privilege through neglect to exercise it within the limited time, or through failure of some contingency; hence, the devolution of a right or privilege.
To fall or pass from one proprietor to another, or from the original destination, by the omission, negligence, or failure of some one, as a patron, a legatee, etc.
Lapse occurs when the policyholder discontinues the payment of premiums under a contract. The assumption as to the rate at which policies will lapse is important in computing embedded value. It determines how long policies are assumed to remain in-force (or persist) and therefore the duration of the flow of policy fees and charges to the shareholder.
A gliding, slipping, or gradual falling; an unobserved or imperceptible progress or passing away,; -- restricted usually to immaterial things, or to figurative uses.
A slip; an error; a fault; a failing in duty; a slight deviation from truth or rectitude.
A fall or apostasy.
To surprise in a fault or error; hence, to surprise or catch, as an offender.
a mistake resulting from inattention
a small mistake or return to old habits
When the person who gets something in a Will (called the devisee) dies before the person who made the Will (called the testator). The Will can say who will get the property if that happens. If it doesn't, state law says the property can go to the devisee's descendants, unless the Will says otherwise. If the devisee doesn't have a descendant, the property can go to the heirs of the person who made the Will, or in some cases, it can go to the state.
Generally, where a beneficiary dies before the testator, a devise or bequest fails or lapses
Keywords:  cease, surrender, death, force, benefit
Ceases to be in force
Cease to exist without cash surrender value, paid up value, or death benefit.
pass into a specified state or condition; "He sank into Nirvana"
a break or intermission in the occurrence of something; "a lapse of three weeks between letters"
a warning that something is going on
go back to bad behavior; "Those who recidivate are often minor criminals"
Keywords:  morals, drop, lower, level, standards
drop to a lower level, as in one's morals or standards
Keywords:  elapsed, three, pass, years
pass by; "three years elapsed"
Keywords:  birth, last, day
Last Birth Day (l.b.d)
Keywords:  correspondence, least, long, end, time
end, at least for a long time; "The correspondence lapsed"
Keywords:  natural, change, part, process
a natural part of the process of change