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“ There was a lapse in time and the policy was no longer in effect which screwed the entire process up quite a bit.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