Occurs where the insured property is so damaged that it ceases to be a thing of the kind insured; that is, it changes its specie. An example would be bags of cement which have been immersed in water.
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Term Insurance
The type of Life Insurance policy that provides protection only for a specified period of time. A common policy period would be one year, five years, 10 years, or until the insured reaches age 65 or 70. It does not build up any of the non-forfeiture values associated with Whole Life policies. Contrast with Whole Life Insurance.