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.

  • After the first Policy Anniversary, while this rider is in force, the Owner may request a decrease in the Term Insurance Benefit Amount.

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

  • Such decrease may not be less than $10,000, unless the Term Insurance Benefit Amount is decreased to zero.

  • Lincoln Life will reduce the existing Term Insurance Benefit Amount against the most recent increase first, then against the next most recent increases successively, and finally, against insurance provided under the original application.

  • 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).

  • Complete for exercising any of the following from an existing contract such as: Traditional Life Guaranteed Purchase Option (GPO), Term Plan/Rider Conversion, Child Rider Purchase Option, Dividend Term Insurance Conversion, Survivor Purchase Option, Exchange Option, Insurance Builder Benefit (IBB), Family Insurance Benefit, Thrivent Financial Employee Group Term Conversion.

  • 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.

  • The amount of insurance under the new policy may not exceed the Term Insurance Amount of this Rider.

Related to Term Insurance

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Excess Insurance means insurance purchased from an insurance company authorized or admitted in the State of New Jersey or deemed eligible by the Commissioner as a surplus lines insurer or from any other entity authorized to provide said coverage in this state pursuant to law, covering losses in excess of an amount set forth in insurance contracts on a specific occurrence, or per accident or annual aggregate basis.

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • Type of insurance means coverage afforded under the particular policy that is being placed.

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Property Insurance is defined in Section 6.10(a).

  • Primary insurance means the policies listed in this policy’s Umbrella Schedule.

  • Casualty insurance means liability insurance.

  • Other Insurance means insurance available to any covered person that covers a loss to which this policy applies, other than either primary insurance or insurance specifically purchased by you to be excess of the insurance afforded by this policy.

  • Insurance Coverage Contractor shall, at Contractor’s sole expense, procure, maintain and keep in force for the duration of this Contract the following insurance conforming to the minimum requirements specified below. Unless specified herein or otherwise agreed to by the City, the required insurance shall be in effect prior to the commencement of work by Contractor and shall continue in force as appropriate until the latter of:

  • Period of Insurance means the period commencing from the retroactive date and terminating on the expiry date as shown in the Policy Schedule.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • Hazard Insurance A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • Surplus lines insurance means insurance in this State of risks located or to be performed in this State, permitted to be placed through a licensed broker with a nonadmitted insurer eligible to accept the insurance, other than reinsurance, wet marine and transportation insurance, insurance independently procured, and life and health insurance and annuities. Excess and stop‑loss insurance coverage upon group life, accident, and health insurance or upon a self‑insured’s life, accident, and health benefits program may be approved as surplus lines insurance.

  • Policy means Related Party Transaction Policy.

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • First party insurance means an insurance policy or contract in which the insurer agrees to pay a claim submitted to it by the insured for the insured's losses.

  • Franchise insurance means an individual insurance policy provided through a

  • Force-Placed Insurance shall have the meaning set forth in Section 4.4.