lapse

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Lapse

The termination or failure of a right or privilege because of a neglect to exercise that right or to perform some duty within a time limit, or because a specified contingency did not occur. The expiration of coverage under an insurance policy because of the insured's failure to pay the premium.

The common-law principle that a gift in a will does not take effect but passes into the estate remaining after the payment of debts and particular gifts, if the beneficiary is alive when the will is executed but subsequently predeceases the testator.

In its broadest sense, the term lapse describes the loss of any right or privilege because of the passage of time or the occurrence or nonoccurrence of a certain event. It is often used by legislatures in reference to governmental concerns. Legislatures may include anti-lapse provisions in statutes to ensure that certain spending programs remain funded from year to year. Lapse also has distinct significance in the law of insurance contracts and wills.

An insurance policy can lapse, or become void, if the insured fails to make payments on it. All states give insureds a grace period, which allows extra time to make a payment owed under a policy. The grace period varies from policy to policy. For example, in Maine the grace period is seven days for Health Insurance policies with weekly premiums, ten days for such policies with monthly premiums, and thirty-one days for all other such policies (Me. Rev. Stat. Ann. tit. 24-A, § 2707). The grace period in Maine is thirty days for life insurance policies (§ 2505).

Some statutes on insurance policy lapses provide a small measure of protection against lapse. For example, Maine Revised Statutes Annotated, title 24-A, section 2739 (West 1995), states that no insurance company may cancel a health insurance policy within three months of nonpayment unless the insurer provides the insured with a notice of potential lapse within ten to forty-five days after the premium was due. Section 4751 provides that in the event of a strike by insurance agents, no life or noncancellable health, hospital expense, or hospital and surgical expense insurance policy may lapse owing to nonpayment within thirty days of the strike's inception. This law applies only if the agent is responsible for the collection of premiums and is represented in Collective Bargaining by a labor organization that has been recognized by the state.

A will is a document left by a deceased person, who is called a testator or devisor. A will allocates the property of a testator to living persons. If the intended recipient of a gift in a will (called a beneficiary or devisee) dies before the testator, the gift may lapse. This means that the gift is void and is placed back into the estate of the testator. The property becomes part of the residuum of the estate and may not be disposed of in the manner sought by the testator.

Almost all states have statutes that provide that in the event of a lapse, the gift should go to the issue, or lineal descendants, of the deceased devisee. If the beneficiary has no issue, then the gift is left in the estate of the testator.

In some states the anti-lapse statute applies only to grandparents of the testator and lineal descendants of the testator's grandparents. For example, under the Maine Revised Statutes Annotated, title 18-A, section 2-605 (West 1995), the issue of the deceased devisee may receive a gift intended for the deceased devisee, but only if they survived the testator by 120 hours.

lapse

1) v. to fail to occur, particularly a gift made in a will. 2) v. to become non-operative. 3) n. the termination of a gift made by will or for future distribution from a trust, caused by the death of the person to whom the gift was intended (the beneficiary, legatee, devisee) prior to the death of the person making the will or creating the trust (the testator, trustor or settlor). (See: will, trust, beneficiary, legatee, devisee)

lapse

(Break), noun fuga, hiatus, interlude, lull, pause, recess
Associated concepts: devise, lapsed, legacy

lapse

(Expiration), noun decline, default, delinquency, dereliction, error, error, expiry, failure, inconstancy, lapsus, misdeed, misstep, mistake, negligence, peccatum, regression, relapse, retrogradation, retrogression, secession, shortcoming, slip, termination
Associated concepts: lapsed bequest, lapsed devise, lapsed legacy, lapsed license, lapsed policy

lapse

(Cease), verb abate, become forfeit, become void, come to an end, complete, conclude, discontinue, end, expire, pass to another, relinquish, reverti, run out, stop, terminate
Foreign phrases: Accusator post rationabile tempus non est audiendus, nisi se bene de omissione excusaverit.An accuser ought not to be heard after the lapse of a reaaonable time, unless he can account satisfactorily for his delay.

lapse

(Fall into error), verb be at fault, commit an error, deviate from the proper path, deviate from virtue, do wrong, err, errare, fail, fall from grace, go astray, go awry, misbehave, misstep, peccare, slip, slip from virtue, stray, transgress, trespass, weaken
See also: abeyance, cease, cessation, cloture, declination, decline, default, degenerate, descent, deteriorate, error, expire, halt, hiatus, interval, misdeed, nonpayment, oversight, pendency, recrudescence, relapse, remission, respite, revert, stop, subside

lapse

the termination of some right, interest, or privilege, as by neglecting to exercise it or through failure of some contingency.

LAPSE, eccl. law. The transfer, by forfeiture, of a right or power to present or collate to a vacant benefice, from, a person vested with such right, to another, in consequence of some act of negligence of the former. Ayl. Parerg. 331.

References in periodicals archive ?
'Kung merong ebidensya na hindi naman totoo na nang-agaw siya [suspect] ng baril lapses yun,' Eleazar said.
'The PIAC should ensure immediate implementation of the service bulletin in letter and spirit on the entire fleet of ATR aircraft, undertake an audit of the related areas of maintenance practices, ascertain root causes for the said lapse, and adopt appropriate corrective measures to avoid recurrence of such incidents,' the SIB recommended.
These frequent lapses significantly increase the value of the death benefit guarantee.
"A lapse in the NFIP during the height of hurricane season could impact the ability of the program to promptly pay claims if there is a major flooding event, delay recovery efforts related to the catastrophic 2017 storm season and disrupt real estate markets across the country," Webb said in prepared remarks.
The consequences of not having an unintentional lapse feature on a policy could potentially be further compounded by the following two features that are also not required on a chronic illness rider.
Among more recent lapses, you can find 30 percent or more with recent activity by matching to multiple coops.
Kids with mild TBI and extra risk factors like headache, vomiting or seizures after their injury also had lower IQ scores and more lapses of attention.
While the interaction of lapses and mortality deterioration has been studied and thought about for roughly 30 years, adding the variable of how changes in premium rates will impact these policyowner behavior variables has been contemplated much less.
OVERALL LAPSE RATES for whole life plans were down in 2003 and 2004, according to a joint study sponsored by LIMRA International, Windsor, Conn., and the Society of Actuaries, Schaumburg, Ill.
Some researchers believe that these ethical lapses spring from employees putting their own needs above honesty (e.g., Agle & Kelley, 2001; Howe & Moses, 1999).
58-234, they are tax-deferred until they either are exercised or lapse; see also Old Harbor Native Corp., 104 TC 191 (1995) and Rev.
The Government will no doubt order an investigation into these apparent lapses.