Examlex
If you choose not to renew a policy as of June 30th, and a claim is made against you on July 30th for an incident that occurred on June 30th. According to your policy, you are covered. This is what type of policy?
Guarantee
A legal promise to ensure the fulfillment of an obligation or repayment of a loan in case the original party fails to do so.
Terminate
Refers to the action of bringing something or an agreement to an end before its natural conclusion.
Cancellation
The act of crossing out a writing. The operation of destroying a written instrument.
Lapse
The termination or expiration of a legal right, policy, or agreement due to the passage of time or inaction.
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