What is a Lapse in Insurance Coverage?
Individuals and companies buy insurance for many reasons, but protection against financial loss is chief among them. While one hopes that they never need to invoke the terms of an insurance policy, it is nonetheless a hedge of protection that nobody should live without. However, an insurance policy is only as effective as the timeliness of the premiums that are paid. What is a lapse in Insurance Coverage?
When insurance coverage lapses, there are ramifications. Continue reading to learn what a lapse in coverage is and what the ramifications of such an event are.