Insurance   A layperson's glossary of insurance terminology.

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what is...
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.
ALSO SEE: RENEWABLE TERM INSURANCE, ORDINARY LIFE INSURANCE, MORTGAGE INSURANCE

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