MLchartDataset catalogue

Lapse

Term · Law · MLC-T-LAW-002923

The termination or expiration of a right, privilege or policy through the passage of time or failure to meet a condition. An insurance policy lapses when a premium is not paid by its due date. In a will, a gift lapses when the beneficiary dies before the testator, and unless an anti-lapse statute applies the gift fails.

Table 1. Record
IdentifierMLC-T-LAW-002923
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002923",
  "term": "Lapse",
  "field": "Law",
  "definition": "The termination or expiration of a right, privilege or policy through the passage of time or failure to meet a condition. An insurance policy lapses when a premium is not paid by its due date. In a will, a gift lapses when the beneficiary dies before the testator, and unless an anti-lapse statute applies the gift fails.",
  "url": "https://mlchart.com/terminology/law/lapse/"
}

Record 2,866 of 5,441 in Law terminology (MLC-0107). Request the full dataset.