What is the term for the termination of a policy due to failure to pay the required renewal premium?

The term for the termination of a policy due to failure to pay the required renewal premium is "lapse." This situation occurs when the insured does not make the necessary payment by the due date, and as a result, coverage under the insurance policy is no longer effective. A lapse signifies that the contract of insurance is no longer in force because the insurer has not received the premium payment that would allow for the continuation of coverage.

Cancellation, on the other hand, refers to the act of terminating an insurance policy before its expiration date by either the insurer or the insured, typically for reasons such as violation of policy terms or changes in risk. Termination is a broader term that can encompass any ending of a policy, not specifically linked to non-payment. Endorsement signifies a modification or addition to an existing policy, rather than its cancellation or lapse.

Thus, lapse specifically captures the consequence of non-payment of renewals, making it the appropriate term in this context.