The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.

What is ENDOWMENT INSURANCE

Specialized life insurance policy. Pays the face amount on a specific, fixed date, or upon the death of the insured, whichever occurs first. Intended for meeting special lump sum needs, like a college tuition or buying a retirement home. Typically, premiums run higher than conventional whole life policies and term insurance. Known also as endowment life policy or endowment policy.

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