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 .

Additional insurance coverage that may be purchased when a permanent life insurance policy is bought. Both types of insurance are included in one contract.

Extra dividend paid to a life insurance policyholder between the last policy anniversary date and the termination date of the policy. Also called terminal policy dividend .

Cancellation of an insurance policy by an insurance company when premium is not paid, if insured dies, or a dependent is no longer eligible for coverage. Health insurance benefits are not paid for medical services received after the date of termination.
***
The formal ending of a reinsurance agreement by its natural expiry, cancellation, or commutation by the parties. Terminations can be either on a cutoff or runoff basis. Under cutoff provisions, the parties’ obligations are fixed as of the agreed cutoff date. Otherwise, obligations incurred while the agreement was in force are run-off to their natural extinction.

Month, day, and year a health insurance policy’s coverage ends.

Dollar amount costs of processing death benefit claims and cash surrenders of a life insurance policy.

Cause for cancellation of an insurance policy.