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endowment insurance

noun
1.
life insurance providing for the payment of a stated sum to the insured if he or she lives beyond the maturity date of the policy, or to a beneficiary if the insured dies before that date.
Origin
1860-1865
1860-65, Americanism
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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