What is the Definition of Term Insurance?

What is the Definition of Term Insurance?

A form of life insurance that covers the insured person for a certain period of time, the “term” that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one, five, 10 or even 20 years. Term life policies are renewable but premiums increase with age.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Term Insurance?

You can find random definition and meaning of insurance terms below:

What is the meaning of Medigap

supplementary private health insurance products to Medicare insurance benefits.

What is the meaning of Minimum Premium Plan

an arrangement under which an insurance carrier will, for a fee, handle the administration of claims and insure against large claims for a self-insured group. The employer self-funds a fixed percentage (e.g. 90%) of the estimated monthly claims, and the insurer covers the remainder.

What is the meaning of Mobile Homes under Transport

coverage for mobile homes while under transport for personal or commercial use.

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