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endowment insurance

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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.

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Origin of endowment insurance

An Americanism dating back to 1860–65
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021
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