Insurance

What is a Term?

Term

[turm]

noun

1.

The Term is the length of time a specific insurance Policy is effective. This feature is most commonly found in life insurance, where the Policy is only good for a specific length of time, or “term” of a person’s life.

Share |

Have A Question About This Topic?

Thank you! Oops!

Related Content

Lots of Variables with Fixed-Rate Mortgages

Lots of Variables with Fixed-Rate Mortgages

When selecting a fixed-rate mortgage, a borrower has to determine how many years to finance the loan.

Five Ways to Help Make Your Money Last Longer

Five Ways to Help Make Your Money Last Longer

Americans are living longer. But will your money keep pace? Discover retirement planning strategies to keep you covered.

Organizing Your Finances

Organizing Your Finances

Spark joy and become more confident by giving your finances the home organization treatment.