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 Assess Your Life Insurance Needs This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely. Dog Bites Neighbor. Now What? Even dogs have bad days. So, what happens when your dog bites a neighbor or passing pedestrian?