Definition of how long a policy will be in force

duration of a policy. Property and casualty coverages are usually written for one year, although a personal automobile policy can be for six months. Life insurance can be written on (1) a term basis (1 year, 5 years, 20 years, to age 65), (2) whole or life basis, or (3) any combination of the two. Health insurance can be written on a multiple time period basis.