Real Dictionary

lapse
A lapse is a moment or instance of bad behaviour by someone who usually behaves well.
countable noun: A lapse of something such as concentration or judgment is a temporary lack of that thing, which can often cause you to make a mistake.
verb: If you lapse into a quiet or inactive state, you stop talking or being active.

lapse in American English
a slip of the tongue, pen, or memory; small error; fault
to slip or fall; esp., to slip into a specified state
intransitive verb: to fall or deviate from a previous standard; fail to maintain a normative level
noun: an accidental or temporary decline or deviation from an expected or accepted condition or state; a temporary falling or slipping from a previous standard

lapse in British English
to drop in standard or fail to maintain a norm
noun: a drop in standard of an isolated or temporary nature

lapse in Insurance 1
noun: A lapse is a failure to renew a policy by the policyholder or the insurer.

lapse in Insurance 2
noun: A lapse is the termination of a policy because the insurer does not invite the policyholder to renew, or because the policyholder does not pay the premiums.