Lapse or termination definition
Lapse or termination means interruption of continuous coverage caused by the failure of an insurer to renew the security required by Transportation Article, §17-103(b), Annotated Code of Maryland.]“Insurance companies” or “insurer” means licensed Maryland providers of required security as defined in Transportation Article, §17-101, Annotated Code of Maryland.
Examples of Lapse or termination in a sentence
Lapse or termination of Grantor's interest in any of the Collateral other than in the ordinary course of business.