endowment insurance

American  

[en-dou-muhnt in-shoor-uhns, -shur-] / ɛnˈdaʊ mənt ɪnˌʃʊər əns, -ˌʃɜr- /

noun

1. life insurance providing for the payment of a stated sum to the insured if they live beyond the maturity date of the policy, or to a beneficiary if the insured dies before that date.

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Etymology

Origin of endowment insurance

An Americanism dating back to 1860–65

Example Sentences

"When a person has no medical insurance, unemployment insurance or endowment insurance, how can that person dare spend all their money?" said Tang Jun, a sociology researcher with the China Academy of Social Sciences.

From Washington Post • Jul. 14, 2010

The House: �Passed by vote of 355 to 54 a bill granting a bonus to veterans in the form of 20 year endowment insurance policies.

From Time Magazine Archive

To the remaining soldiers there will be given the equivalent of a paid-up 20-year endowment insurance policy for the amount of the adjusted service credit plus 25%, with interest of 4% compounded annually.

From Time Magazine Archive

When issued as endowment insurance policies in 1925.

From Time Magazine Archive

He had held shipping shares too long and had sold a fully-paid endowment insurance policy in the vain endeavour to replace by adventurous investment that which the sea had swallowed up.

From When Winter Comes to Main Street by Overton, Grant Martin