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Overview
term assurance
Quick Reference
A life-assurance policy that operates for a specified period of time. No benefit is paid if the insured person dies outside the period. This form of insurance is often used to cover the period of a loan, mortgage, etc. If the insured person dies before the loan has been repaid, it is settled by the insurance company. See also decreasing term assurance.
Subjects: Social sciences — Business and Management
