The word policy terms mean that it is provided by the insurance policy about the coverage of a certain period such as the end month of the year. The word policy term is defined as the number of days of the validity of a specific policy. Policy term and premium policy term are both have the same meaning. In any case, other insurance policies offer the insured people the chance to choose a lower amount of premium paying term than the amount of policy term. For example, the company of insurers will give the authority to the insured people to attain the insurance benefits even though the insured people stop from paying the premium payments after a certain period through standard insurance policy to be converted to become a paid-up policy. The word policy term in insurance defines it as the time that you will be covered up by your insurance policy. For example, you have a homeowner or insurance policy. Thus you will be under the protection of the insurance policy from the risks that can be caused by the name perils. Nevertheless, this insurance policy will not cover you up forever. Instead, you will only be under the protection of the insurance policy until the time that is given to you are not yet expired.