insurance

What is a lapse?

 

 

What is a lapse?

The Bankrate.com financial term of the day is: "lapse."

A lapse is when you drop the ball on your insurance. Typically, you fail to pay your bill, or maybe you fail to meet a requirement, such as having an inspection done. Your policy is canceled, and reinstating it can be tough or expensive.

An insurance lapse leaves you uncovered, and you can't blame anyone but yourself. 

To shop for insurance to fit your family's needs, visit the Insurance section at Bankrate.com.

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