A term life insurance policy that provides for cover commencing on a commencement date and continuing until a terminating event (death, cancellation, expiry) is singular in nature, not a series of successive monthly covers, even where premiums are payable monthly in advance. Where trust funds are used to pay some premiums on such a policy, the beneficiary's proportionate share of the proceeds is determined by reference to all premiums paid over the life of the policy, not solely the premium for the month in which the insured event occurred. The requirement to pay premiums 'in advance' fixes the due date for payment but does not create separate monthly covers.
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