In insurance terms, what does a term policy refer to?

A term policy refers to an insurance policy that provides coverage for a specified length of time. This means that the coverage is active only during the predetermined period outlined in the policy. If the insured event occurs during this time frame, the policy pays out a benefit. Once the term expires, the coverage ends and does not continue unless renewed or converted to a different type of policy. This time-limited nature of term insurance makes it distinct from other policies that may provide coverage indefinitely or for the lifetime of the policyholder. In the context of crop insurance, a term policy could apply to specific growing seasons or periods of risk associated with crops. This feature allows policyholders to manage their insurance needs effectively based on the seasonality and nature of their agricultural operations.