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 You're In An Accident Learn the best steps to take after you’ve been in an automobile accident with this useful, step-by-step video. Did You Know This Fact About Fire Extinguishers? How often should you check your fire extinguishers? Do you know? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.