endowment insurance

noun

Legal Definition of endowment insurance

: life insurance in which the benefit is paid to the policyowner if he or she is still living at the end of the policy's term (as 20 years)

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“Endowment insurance.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/endowment%20insurance. Accessed 19 Sep. 2020.

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