Business, Legal & Accounting Glossary
A fixed-term life assurance policy in which provision is made for premiums to pay for life cover plus a savings/investment element. The policy pays out a sum of money (the sum assured) on the death of the life assured or at a specified date (the maturity date) if the life assured survives the term. If an endowment policy is encashed in its early years any proceeds returnable to the policyholder will normally be below the value of the premiums paid up to cancellation.
noun an insurance policy where a sum of money is paid to the insured person on a specific date or to his heirs if he dies before that date an insurance policy where a sum of money is paid to the insured person on a specific date or to his heirs if he dies before that date
Life Assurance
Sum Assured
Assured
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Endowment Assurance are sourced/syndicated and enhanced from:
This glossary post was last updated: 28th December, 2021 | 0 Views.