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.

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.

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).

The period covered by a treaty Reinsurance contract.

The price per cent or per mille (per Rs. 100 or per Rs. 1000) of insured value for Insurance lasting a year to longer. Short term rates are usually higher than the proportionate annual term rates.

The various formulae for computing the application of a rate where the period of the Policy is under or over one year. Short term rate will be usually higher than the proportionate annual term rates. In contrast long term rate would be less than the proportionate annual term rates. This is because of increased or deduced overhead costs.
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A clause, found within a rating manual, detailing the term during which coverage is valid, and any discounts that apply to policy rates on policies of one year or more.