The Collaborative International Dictionary of English v.0.48:

Lapsed \Lapsed\, a.
   1. Having slipped downward, backward, or away; having lost
      position, privilege, etc., by neglect; -- restricted to
      figurative uses.
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            Once more I will renew
            His lapsed powers, though forfeit.    --Milton.
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   2. Ineffectual, void, or forfeited; as, a lapsed policy of
      insurance; a lapsed legacy.
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   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 other cause. --Wharton (Law Dict.).
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