term assurance

term assurance
/'tɜ:m əˌʃυərəns/ noun
a life assurance which covers a person’s life for a period of time (at the end of the period, if the person is still alive he receives nothing from the insurance)
He took out a ten-year term insurance.

Dictionary of banking and finance. 2015.

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  • term assurance — ➔ assurance * * * term assurance UK }} US }} noun [S or U] UK ► INSURANCE TERM INSURANCE(Cf. ↑term insurance) …   Financial and business terms

  • term assurance — noun A usu cheap form of life insurance which pays out only if the insured dies within the period specified • • • Main Entry: ↑term …   Useful english dictionary

  • term assurance — temporary assurance 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… …   Big dictionary of business and management

  • decreasing term assurance — ➔ assurance * * * decreasing term assurance UK US noun [U] (also decreasing term life assurance, decreasing term insurance) ► INSURANCE a life insurance agreement in which the amount paid over a fixed period of time is low and remains the same,… …   Financial and business terms

  • Pension term assurance — (PTA) was a form of life insurance available within the United Kingdom. Although PTA had been available for several years, it only became mainstream when changes were made to pension legislation on A Day , 6 April, 2006.Following these changes,… …   Wikipedia

  • convertible term assurance — A term assurance that gives the policyholder the option to widen the policy to become a whole life policy or an endowment assurance policy, without having to provide any further evidence of good health. All that is required is the payment of the… …   Big dictionary of business and management

  • decreasing term assurance — A form of term assurance in which the amount to be paid in the event of the death of the life assured reduces with the passage of time. These policies are usually arranged in conjunction with a cash loan or mortgage and are designed to repay the… …   Big dictionary of business and management

  • assurance — as‧sur‧ance [əˈʆʊərəns ǁ əˈʆʊr ] noun [uncountable] INSURANCE a type of insurance against something that is certain to happen, especially someone s death, as opposed to something that might happen such as an accident or a fire: • the Prudential… …   Financial and business terms

  • Term life insurance — or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client… …   Wikipedia

  • assurance — 1. . A positive declaration on an *audit obj ective. Assurance can cover a wide range of matters, from the *fair presentation of *financial statements to the effective operation of *internal controls. Assurance does not offer the certainty of a… …   Auditor's dictionary

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