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English definition of “endowment”

endowment

noun
 
 
/ɪnˈdaʊmənt/
[C or U] SOCIAL RESPONSIBILITY money that is given to a college, hospital, etc. in order to provide it with an income, or the giving of this money: an endowment for sth The Las Vegas millionaire pledged $10 million for the project and an endowment for the school. An endowment of $11.3 billion.
[C] (also endowment assurance, endowment policy) INSURANCE a type of insurance in which you pay a regular amount of money over a particular period of time, or until you die, after which the insurance company pays an amount of money: We always aimed to ensure that customers understood that the eventual value of an endowment was not guaranteed. I was advised to take out an endowment.
[C] PROPERTY an endowment mortgage: He was unhappy about the way he had been sold a mortgage endowment.
(Definition of endowment from the Cambridge Business English Dictionary © Cambridge University Press)
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