Term Definition: A term is a period that can refer to the length of a loan, the repayment period, or the length of time an investment is “locked in” for a specific period. A term can also refer to the life of an investment and the details of a contract or agreement, such as the terms and conditions that a borrower or investor agrees to before taking out a loan or making an investment.
The length of a term can be defined as short terms, such as several months or one year, such as a GIC, or it can be indefinite, or for many years. Term also refers to the maturity date of an insurance policy or when a loan is due in full.
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