0 a type of insurance that lasts for a limited time period --
1 a form of life insurance that lasts for a fixed period of time: --
The actuarial present value of one unit of an "n" -year term insurance policy payable at the moment of death can be found similarly by integrating from 0 to "n".
Because of the low likelihood of an insurer having to pay a death benefit, term insurance may offer more coverage per premium dollar - by a factor of up to 10.
Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
The low payout likelihood allows term insurance to be relatively inexpensive.
The company's product range covers protection (term insurance), savings, education and retirement.
Insurers may break down a policy into 2 components, the term insurance portion (the net amount at risk) and the cash value (the guaranteed amount).
Customers could only get the mortgage if they paid the term insurance simultaneously.
Insurance industry studies indicate that the probability of filing a death benefit claim under a term insurance policy is low.
