Description Term This refers to a method of determining the amount of life insurance coverage needed by multiplying the insured's gross annual earning by some selected number. This refers to the practice of avoiding an act that would create a risk. This method of settling a life insurance policy requires the insurer to disburse the face amount of policy and any interest earned to the beneficiaries over a fixed time period. This is a provision of a term life policy that allows the insured to renew policy at the end of its term without having to show evidence of his or her insurability. This is life insurance that provides a master policy for a group of eligible members, and for which the premium is based on the characteristics of the entire group rather than on the attributes of an individual member