16:52
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Simple English definitions for legal terms
term policy
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A quick definition of term policy:
A term policy is a type of insurance that provides protection for a specific period of time. It does not have a cash value or reserve value. There are many different types of insurance policies, such as accident policies, homeowner's policies, and life policies. Insurance companies use a process called insurance rating to determine the policy premium for a particular risk. Insurance Services Office is a nonprofit organization that provides analytical and decision-support services and tools to the insurance industry.A more thorough explanation:
Definition: A type of life insurance policy that provides coverage for a specific period of time, but does not have a cash value or reserve value.
Examples: If someone buys a 10-year term policy, they will be covered for 10 years. If they die during that time, their beneficiaries will receive a death benefit. However, if they outlive the policy, it will expire and they will not receive any money back.
Explanation: Term policies are a popular choice for people who want to provide financial protection for their loved ones during a specific period of time, such as while their children are young or while they are paying off a mortgage. The examples illustrate how a term policy works and the limitations of this type of insurance.