Lapse


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Related to Lapse: lapse rate

Lapse

The termination of a right or privilege due to inaction. In insurance, lapses occur on a policy if the policyholder fails to pay premiums. In this case, the right to receive the benefit lapses. In options, the contract lapses if the option is not exercised on or by the expiration date. In this case, the right to buy or sell the underlying asset lapses.

Lapse.

A lapse causes a policy, right, or privilege to end because the person or institution that would benefit fails to live up to its terms or meet its conditions.

For example, if you have a subscription right to buy additional shares of a stock at a price below the public offering price, you must generally act before a certain date. If that date passes, your right is said to lapse.

Similarly, if you have a life insurance policy that requires you to pay annual premiums, the policy will lapse if you fail to pay the premiums in time.

References in classic literature ?
It was this deficiency, I considered, while running over in thought the perfect keeping of the character of the premises with the accredited character of the people, and while speculating upon the possible influence which the one, in the long lapse of centuries, might have exercised upon the other--it was this deficiency, perhaps, of collateral issue, and the consequent undeviating transmission, from sire to son, of the patrimony with the name, which had, at length, so identified the two as to merge the original title of the estate in the quaint and equivocal appellation of the "House of Usher"--an appellation which seemed to include, in the minds of the peasantry who used it, both the family and the family mansion.
It is a picturesque expanse, framed in lofty crags in large strata, encrusted with white salt-- a superb sheet of water, which was formerly of larger extent than now, its shores having encroached with the lapse of time, and thus at once reduced its breadth and increased its depth.
Apparently they had learned something of my story from me during the days of my lapse.
In shadow lapse the twinkling streams, The lilied marge their waves caress; And the sheer constellations sway O'er soundless gulfs of nothingness.
Besides, pretexts for taking away the property are never wanting; for he who has once begun to live by robbery will always find pretexts for seizing what belongs to others; but reasons for taking life, on the contrary, are more difficult to find and sooner lapse.
For example, I myself should have hesitated, at such a season of rejoicing, to seem proud, even though excessive deference and civility at such a moment might have been construed as a lapse both of moral courage and of mental vigour.
He proposed that in the event of our finding an adequate supply of fruit, we should remain in this unfrequented portion of the country--where we should run little chance of being surprised by its occupants, whoever they might be--until sufficiently recruited to resume our journey; when laying a store of food equal to our wants, we might easily regain the bay of Nukuheva, after the lapse of a sufficient interval to ensure the departure of our vessel.
After a lapse of half a century, he is writing this paragraph with a pain that would induce him to cancel it, were it not still more painful to have it believed that one whom he regarded with a reverence that surpassed the love of a brother was converted by him into the heroine of a work of fiction.
Its pendulum swung to and fro with a dull, heavy, monotonous clang; and when the minute-hand made the circuit of the face, and the hour was to be stricken, there came from the brazen lungs of the clock a sound which was clear and loud and deep and exceedingly musical, but of so peculiar a note and emphasis that, at each lapse of an hour, the musicians of the orchestra were constrained to pause, momentarily, in their performance, to harken to the sound; and thus the waltzers perforce ceased their evolutions; and there was a brief disconcert of the whole gay company; and, while the chimes of the clock yet rang, it was observed that the giddiest grew pale, and the more aged and sedate passed their hands over their brows as if in confused revery or meditation.
She would be able to look at them, and think not only that d'Urberville, like Babylon, had fallen, but that the individual innocence of a humble descendant could lapse as silently.
But even if we assume that fifty years ago Alexander I was mistaken in his view of what was good for the people, we must inevitably assume that the historian who judges Alexander will also after the lapse of some time turn out to be mistaken in his view of what is good for humanity.
You had no lapse until the day after; I had no lapse until yesterday morning.