The printed description of the benefits and coverage provisions forming the contract between the carrier and the customer. Discloses what is covered, what is not, and dollar limits.
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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.”