lapse

Definition

A period during which a right, privilege, or insurance policy is not in effect due to a failure to act.

Use lapse in a sentence

You must be prepared to handle the lapse of time and do your best to make something good happen for you.

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There was a lapse in time and the policy was no longer in effect which screwed the entire process up quite a bit.

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My boss was furious to learn that we had allowed our option to purchase shares in our competitor to lapse without being exercised due to carelessness.

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