Lapsed means that you have run out of time or expired. For
example, the extended warranty you purchased for your Ford F 150
has lapsed so the repairs for your new transmission will be out of
pocket.
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The root word for "lapsed" is "lapsum" in Latin, which means to slip or fall.
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If thee policy has already lapsed, there is no active policy to
cancel. It means that it is already cancelled.