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

For estate planning, a 'term policy' can be used to cover potential estate taxes or provide for dependents. An estate planner might suggest, 'Including a term policy in your estate plan can protect your heirs from financial burdens during a specific period of vulnerability.'

Practice Scenarios

Public-Policy

Scenario:

The city's infrastructure needs significant upgrade. How can our department help in this matter?

Response:

Perhaps we can develop a term-policy for infrastructure development that spans over the next five years.

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.