can I own more than 1 term life policy - want $1,000,000 covergae made
up of 5 policies of $200,000

Multiple policies is not a problem as far as law is concerned.  The
individual insurance companies might have a clause preventing the
total from reaching $1,000,000 so you should check with each company
involved before obtaining all the policies.
The reason they might care is that with such a large amount of
coverage it would seem that you are expecting to die and so they don't
want that extra risk.  I will point out that most companies have a
suicide clause that doesn't allow payment if you commit suicide in the
first 2 years of the policy.  I'll also point out that if you are not
planning on dieing in the near future that very few people need that
much coverage... If you're life is financially worth that much then
you should have a high net worth as well so that insurance isn't
needed as much (if at all).
Here is a good calculator to help you know how much insurance is a good amount:

http://www.reliaquote.com/TermLife/cgi-bin/needs_analysis.asp?sourceid=01800000030000000002

If you decide $1M is excessive then try maxing out an IRA, any savings
plan at work, and beyond that if you still have extra money (which you
should if you're wanting $1M insurance) then look into anuities to
help defer taxes with your savings.  With the right savings (assuming
you don't die soon), you will definately pass more on to your
relatives than the amount of insurance you can buy.
Best of luck and a long happy life to you!

You can own as many policies as you like.  However, each insurance
company will need to know the reason for each policy.  There must be
an "insurable interest" for the justification of each policy.  For
example; if you own five residential properties each worth $200,000 or
more, and have mortgages on each for $200,000 or more, then, you will
have established an "insurable interest" and the policies would very
likely be underwritten or sold.  Another senario would be if you have
an estate that was valued at $1,000,000 or more and the individual
policies would be for estate protection, again, the insurance
companies would probably issue them.  You must show a need and have
the ability to pay the premium.  One final example would be if you
were part of a partnership or corporation with five other partners and
each would purchase a policy on the life of the others; 6 partners
would have a total of 30 policies.  This is used quite frequently to
fund buy-sell agreements or to cover the loss of a major executive in
the partnership or corporation.  As an insurance agent I have sold the
above in much larger face amounts.