life assurance under which benefit is payable only on death of the life assured on a predetermined date; sometimes called temporary assurance.
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A simple form of life assurance whereby in return for a premium an Insurer agrees to pay a fixed sum if the proposer should die within a stated period. No benefit is payable if the proposer survives the period. Under a decreasing term assurance, the benefit payable decreases from year to year.
Insurance Encyclopedia
Term Contract
A form of reinsurance contract written for a stipulated term (usually one year). The contract automatically expires at the end of the term and renewal must be negotiated. See also Continuous Contract.
Term insurance
Type of insurance that is in force and provides protection for a specified period of time (the term). It does not build cash value and if the insured survives the stated period, it expires without value. Insurance is payable to a beneficiary at the death of the insured provided death occurs within a specified period or before a specified age. Also called term life insurance .
Term insurance (Life Insurance)
A kind of life insurance policy that is only valid for a particular period of time. The term length may be measured by years, or can be until the insured reaches a certain age, most often 65 or 70. This type of policy does not accumulate the kind of nonforfeiture value usually associated with a whole life policy.
Term insurance/temporary insurance
Life policy that pays the sum insured only if death occurs within the policy term. If the life insured survives the term, there is no survival benefit. Decreasing term insurance and convertible term insurance are forms of term insurance.
Term life insurance
See: term insurance .
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A life insurance policy that pays the sum insured only if the life assured dies within the period of the policy which is for a fixed period.
Term Loan
A loan by Insurance companies or banks for a period generally in excess of five years. The loan is made to business institutions and typically has an agreement on the part of the debtor to restrict his performance to an area circumscribed by various ratios.
Term of Credit
The period of time allowed to a broker for the payment of premium to the underwriter. Basically, this is five months after the inception of risk, but may be reduced or extended for certain types of risk.
Term of Policy
The period for which the Policy runs. This is usually the period for which a premium has been paid in advance. In some instances it may be for a year, or longer (engineering policies on erection risks for example).
Term of Treaty
The period covered by a treaty Reinsurance contract.