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Lapsed Policy
(redirected from Lapsed Policies)

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Lapsed Policy
The termination of an insurance policy due to inaction on the part of the policyholder. In general, lapses occur if the policyholder fails to pay premiums. In this case, the right to receive the benefit if an insured event occurs ceases to exist.


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If companies see a large decrease in lapsed policies because of the life settlement business, their profits begin to disappear.
If Ulips are also taken into account, the number of lapsed policies will be higher.
He added that no maximum limit for ordinary policies, Revival of lapsed policies on easy terms, Loan on policies, Highest rate of bonus, open to all, rebate on advance payment of premia, Payment of premia through salary bill deduction, Non-lapsing of policies of two years duration, liberal surrender value of PLI policies and payment guaranteed by government of Pakistan.
 
 
 
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