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endowment insurance
[ en-dou-muhnt in-shoor-uhns, -shur- ]
noun
- 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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Word History and Origins
Origin of endowment insurance1
An Americanism dating back to 1860–65
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