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Maritime Law Association of South Africa (The)

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The Maritime Law Association of South Africa was established in February 1974 as a result of concern among maritime lawyers and the shipping industry that legislation in South Africa regulating maritime affairs did not appear to be keeping pace with developments elsewhere in the world.

From The Glossary »

Lapse Rate:

The rate at which insurance policies terminate through failure of the insured to continue making premium payments. It is usually expressed as a ratio of the number of policies on which insured failed to make premium payments during a given period to the total number of policies at the beginning of the period in which those lapses occurred.
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