Source : Webster's Revised Unabridged Dictionary (1913)

Lapsed \Lapsed\, a.
   1. Having slipped downward, backward, or away; having lost
      position, privilege, etc., by neglect; -- restricted to
      figurative uses.

            Once more I will renew His lapsed powers, though
            forfeit.                              --Milton.

   2. Ineffectual, void, or forfeited; as, a lapsed policy of
      insurance; a lapsed legacy.

   {Lapsed devise}, {Lapsed legacy} (Law), a devise, or legacy,
      which fails to take effect in consequence of the death of
      the devisee, or legatee, before that of the testator, or
      for ether cause. --Wharton (Law Dict.).