Try doing a full render for that effect/clip.
Full renders will show up as BLUE on your render timeline (the colored bars at the top of your timeline – render colors are BLUE = FULL Render, GREEN = PREVIEW render, YELLOW = PROXY render, RED – NEEDS RENDER, and so on).
Simply select the clip/effect area that you wish to render, then mouse click on “SEQUENCE/RENDER ONLY/FULL” at the top of your screen.
**NOTE – This is a toggle function (meaning it’s either toggled ON or toggled OFF). Thus, your “RENDER ONLY” command will always do a FULL RENDER until you toggle that function off, again. Not all effects need a full render to be previewed in your playback.