Term Insurance definition

Term Insurance means life insurance coverage, through term insurance products with a primary focus on protection rather than investment, for a particular period of time rather than for the life of the insured.
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Term Insurance means protection for a set period of time. In the event of death of Life Insured, the benefit is paid to the Claimant.
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Examples of Term Insurance in a sentence

  • If any policy reinsured under this Agreement converts to Extended Term Insurance or Reduced Paid-Up Insurance, the net amount at risk reinsured will be adjusted as appropriate and reinsurance will be continued in accordance with the provisions of the underlying policy.

  • For extended insurance, we base net premiums and net values on the Commissioners 1980 Extended Term Insurance Table.

  • If a policy on a risk reinsured with the Pool member(s) is transferred to Extended Term Insurance, the Ceding Company shall immediately inform the Pool member(s).

  • The Guaranteed Death Benefit, Deferred Paid-Up Term Death Benefits and One Year Term Insurance for a given Insured vary according to Issue Age, Mortality Table, Rate Class, Premium and Non-Guaranteed Credits described in The Policy.

  • The Cost of Insurance for the Policy to which this rider is attached is modified to account for the Term Insurance Benefit under this agreement.

  • The Basic Death Benefit of the Policy to which this rider is attached is modified to include the Term Insurance Benefit under this rider.

  • Given the variability of these factors, the Guaranteed Death Benefit, Deferred Paid-Up Term Death Benefits and One Year Term Insurance for a given Insured are only illustrated in the Certificate Schedule and Illustration issued to the Certificateholder.

  • The Cost of Insurance is determined separately for the initial Specified Amount and Term Insurance Benefit segments as well as for each additional segment created as the result of an increase in either Specified Amount or Term Insurance Benefit amount.

  • If the Insured dies by suicide while sane or insane within two years from the effective date of this agreement, the Term Insurance Benefit will be limited to the Monthly Deductions associated with such benefit.

  • No first-year commissions are payable on Preliminary Term Insurance premiums or on Flat Extra Premium assessed for nine (9) years or less.