Source : Webster's Revised Unabridged Dictionary (1913)

Term insurance \Term insurance\
   Insurance for a specified term providing for no payment to
   the insured except upon losses during the term, and becoming
   void upon its expiration.

Source : WordNet®

term insurance
     n : low-cost insurance that is valid only for a stated period of
         time and has no cash surrender value or loan value; "term
         insurance is most often associated with life insurance
         policies"