Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
An insurance contract ending because a premium was not paid within the time the policy allows.
Not a pause. Waiting periods and the clock after which a claim stops being contestable both count unbroken cover, and both restart.
A life insurance contract on which premiums have stopped but which stays in force, with the benefit reduced in proportion to the premiums already paid.
The third door most people never consider. It stops the outflow without crystallising a punitive exit value, and it is not the same thing as letting a policy lapse.