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English definition of “endowment policy”

endowment policy

noun [C] uk   us  
an agreement where you pay money regularly so that you will receive a large agreed amount of money at an agreed later date or when you dieInsuranceMortgages and real estateRenting, hiring and hire purchase in general Renting property
(Definition of endowment policy from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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