An act of God. Any occurrence completely beyond human control and which could not have been avoided by foresight; a superior power; circumstances beyond one’s control. Example: an earthquake.
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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 non-forfeiture values. The cessation of a policy that does not have or has not yet developed a cash value is termed a “lapse.”