term-policy

Vocabulary Word

Definition

'Term-policy' refers to a set of rules or guidelines that must be followed for a certain period, like a probationary policy at work that new employees must follow for the first three months.

Examples in Different Contexts

In financial planning, a 'term policy' is often recommended as part of a diversified protection strategy. A financial planner might advise, 'A term policy can complement your overall financial plan by offering temporary but substantial life insurance coverage at a low cost.'

Practice Scenarios

Business

Scenario:

We need to evaluate our current marketing strategies - particularly our approach during the holiday season.

Response:

Let's take a look at our term-policy for holiday marketing and see if there are any areas we can improve.

Tech

Scenario:

We've been experiencing some issues with our software system. Maybe it's time to review our maintenance plan.

Response:

I reviewed our term-policy on system maintenance and I think we should increase our software updates frequency.