lapse 1 /'laps/ n: a termination or failure due to events, neglect, or time: as
a: the failure of a bequest (as because the intended recipient dies before the testator) compare anti-lapse statute
b: the termination of an insurance policy because of nonpayment of premiums or nonrenewal
lapse 2 vb lapsed, laps·ing
vi: to terminate, become ineffective, or fail
the bequest lapsed when the son died before the father
allowed the insurance policy to lapse
vt: to cause (as a policy) to lapse
the company lapsed the policy
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.