lapse

noun | \ ˈlaps \
  1. a : the failure of a bequest (as because the intended recipient dies before the testator) — compare anti-lapse statute

    b : the termination of an insurance policy because of nonpayment of premiums or nonrenewal

lapse

verb
  1. : to cause (as a policy) to lapse the company lapsed the policy

    : to cause (as a policy) to lapse the company lapsed the policy