Termination occurs when the benefits and rights specified in the contract no longer apply due to the fact that the contract holder fails to comply with the requirements and conditions set out in the contract or agreement.
Delay may occur, for example, due to inaction, time lapse or non-payment of the amount due.
A share option expires if it is not exercised in accordance with the terms of the option contract.
Insurance rates tend to be higher for policyholders with overdue coverage.
Most policies can be reinstated within the policy’s grace period.