Endowment Policy

Definition of Endowment Policy

Insurance policy under which insurer agrees to pay insured a stated sum at end of definite period, or, if insured dies before end of such period, to pay amount to person designated as beneficiary. Spellacy v. American Life Ins. Ass’n, 144 Conn. 346, 131 A.2d 834, 838.

That's the definition of Endowment Policy in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.