Shortly after construction of the town center began, the Atlanta, Birmingham, and Atlantic Railroad came through. The railroad was economically important to the town and the county because it provided quicker access to distant markets, and Wadley became a shipping center. By 1910, the population had reached 426.
Life insurance is a contract. Term life insurance is a contract based on the exchange of premiums for coverage. If you stop paying premiums and youâre past the reinstatement period, youâve lost coverage and may be required to re-qualify for coverage.
Lapsing Premiums and Policies. If the owner of a life insurance policy doesn't keep up with the premiums, then the policy lapses. The insurance is no longer good, and the insurance company has no obligation to make the contractual death benefit payment. Also, there's no refund of prior premiums in a term life policy under these conditions.