endowment insurance

[ en-dou-muhnt in-shoor-uhns, -shur- ]

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.

Word History and Origins

Origin of endowment insurance¹

An Americanism dating back to 1860–65

Example Sentences

Endowment insurance policies of these lodges for which there is an annual fee from $2 to $4 are for the most part optional.

From Project Gutenberg