Insurance written on two or more persons, with benefits usually payable only at the first death.
Insurance written on two or more persons, with benefits usually payable only at the first death.
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.”


