Definition - Noun : 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 Pronunciation'laps
Definition - Verb : to terminate, become ineffective, or fail <the bequest lapsed when the son died before the father> <allowed the insurance policy to ~> : to cause (as a policy) to lapse <the company lapsed the policy>