Definition, Meaning & Synonyms
policy-term
noun
/ˈpɒlɪsi tɜːrm/
Definition
The duration or period during which a specific insurance policy is active and provides coverage.
Examples
- The policy term for the life insurance is 10 years.
- Make sure to review your health insurance policy term for renewal dates.
- Understanding the policy term is crucial for effective financial planning.
Meaning
A policy term outlines the timeframe in which the terms of the insurance policy apply, including premium payments and protection against covered risks.
Synonyms
- coverage period
- insurance term
- contract duration
