term life insurance
“Term [life] insurance is … insurance for the specified term only; the premium being calculated on a basis which provides for such deaths only as occur during the term. The premium paid is ‘level’ during the specified term only, and increases with each renewal term. The premium in the case of term insurance is consequently lower than in the case of straight life insurance, the premium in the former case carrying no reserve, being based upon a sort of ‘pay as you go’ theory.” Gans v. Aetna Life Ins. Co. of Hartford, Conn. 161 A.D. 250, 253 (N.Y.S. App. Div. 1st Dept. 1914) (Hotchkiss, J.).