ENDOWMENT INSURANCE
\ɛndˈa͡ʊmənt ɪnʃˈʊ͡əɹəns], \ɛndˈaʊmənt ɪnʃˈʊəɹəns], \ɛ_n_d_ˈaʊ_m_ə_n_t ɪ_n_ʃ_ˈʊə_ɹ_ə_n_s]\
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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
By Princeton University
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Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.
By Oddity Software
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Nearby Words
- endowed
- endower
- endowing
- endowment
- endowment fund
- endowment insurance
- endowment policy
- endowments
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