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? Name Email Address Question Thank you! Oops! Related Contents If a Pipe Breaks Do you know what to do if a pipe breaks in your house? Gun Ownership and Your Homeowners Policy Gun owners need to make sure that their homeowners policy covers the full value of their firearm(s) and personal liability. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.