An Empirical Study on the Review of Literature on Factors Determining Lapsation of Insurance Policies

Economic conditions or financial hardships may lead to the lapsation of the insurance policy. Policyholders may prioritize their expenses and postpone the payment of premiums to the insurance premium. Lapsation has significant consequences including loss of coverage, premiums, and coverage in the future. The different researchers have identified various reasons for the lapsation. The current study focuses on the review of the literature about the factors influencing lapsation and a hypothetical study about the factors.