What is a Term? Term[turm]noun1.The Term is the length of time a specific insurance Policy is effective. This feature is most commonly found in life insurance, where the Policy is only good for a specific length of time, or “term” of a person’s life. Share | Have A Question About This Topic? Address Thank you! Oops! Related Contents If a Pipe Breaks Do you know what to do if a pipe breaks in your house? Dog Bites Neighbor. Now What? Even dogs have bad days. So, what happens when your dog bites a neighbor or passing pedestrian? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.