from The American Heritage® Dictionary of the English Language, 4th Edition
- n. Insurance providing coverage for losses to the insured during a stated period but becoming void upon its expiration.
from the GNU version of the Collaborative International Dictionary of English
- Insurance for a specified term providing for no payment to the insured except upon losses during the term, and becoming void upon its expiration.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. low-cost insurance that is valid only for a stated period of time and has no cash surrender value or loan value
Sorry, no etymologies found.
On a term insurance policy the amount paid to your heirs is the death benefit, the same as in the whole life example above.