Termination
(1) The time the coverage under an insurance policy ends, either because its term has expired or because it has been canceled by either party. (2) The cessation of premium paying for a whole life or endowment policy before the agreed upon time. This ends the coverage, and the insured receives one of the nonforfeiture values. The cessation of a policy that does not or has not yet developed a cash value is termed a "lapse."
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