Might mean (unverified): Expiration of a policy's validity.
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We found one dictionary that defines the word lapsation:

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  1. lapsation: Wiktionary

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Definitions from Wiktionary (lapsation)

▸ noun:  A lapse (act or result of lapsing)

Similar:
lapsing, passage of time, relapse, leakage, cessation, leaking, prescission, halt, outgang, leave-taking, more...

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Similar:
lapsing, passage of time, relapse, leakage, cessation, leaking, prescission, halt, outgang, leave-taking, more...



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