It depends on the rule:
Maximum daily loss or maximum loss: the account is terminated.
Prohibited practice: the account may be terminated. List: What trading strategies are prohibited?
Risk Management plans: the mandatory Stop Loss and the risk-per-trade rules follow the 3-strike system. Only the 3rd strike terminates the account.
Consistency plans: exceeding the best-day limit does not fail the account. It just cannot advance until the ratio is back within the limit.
Will I get a refund?
No. Challenge fees are non-refundable. See the Refund Policy.
Am I liable for any losses?
No. All trading is simulated: you do not risk your own capital and you are not liable for losses on the simulated account.
Can I try again?
Yes. You can buy a new challenge and restart the evaluation whenever you want.