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English definition of “term insurance”

term insurance

noun [S or U]
 
 
(UK also term assurance)
INSURANCE a form of life insurance that lasts for a fixed period of time: She has taken out term insurance for $89,000 on the mortgage on her new apartment. You will need to buy a term assurance to pay off the loan in the event of your death. a term insurance policy/plan
(Definition of term insurance from the Cambridge Business English Dictionary © Cambridge University Press)
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