From Longman Business Dictionaryterm assuranceˈterm asˌsuranceINSURANCE a type of life assurance in which someone pays a regular amount of money for a limited period of time. In return, the insurance company agrees to pay a sum of money if the person dies, but does not repay anything if the person does not dieTerm assurance is not a form of saving, as you lose the premium money if you survive the term. → assurance
