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.

Have A Question About This Topic?

Thank you! Oops!
 

Related Content

Should I Pay Off Debt or Invest?

Should I Pay Off Debt or Invest?

This calculator will help determine whether you should invest funds or pay down debt.

Did You Know This Fact About Carpooling?

Did You Know This Fact About Carpooling?

Carpooling might save you money on your premiums.

Fixed or Variable Mortgage, Which Should You Pick?

Fixed or Variable Mortgage, Which Should You Pick?

When selecting a mortgage, one of the most critical choices is between a fixed or variable interest-rate mortgage.