endowment-insurance

endowment insurance

noun
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:
1860–65, Americanism

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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WordNet
endowment insurance

noun
life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured 
WordNet® 3.0, © 2006 by Princeton University.
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