Endowment assurance

Endowment assurance
Insurance In*sur"ance, n. [From {Insure}.] [1913 Webster] 1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. {Assurance}, n., 6. [1913 Webster]

Note: The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy. --Johnson's Cyc. [1913 Webster]

2. The premium paid for insuring property or life. [1913 Webster]

3. The sum for which life or property is insured. [1913 Webster]

4. A guaranty, security, or pledge; assurance. [Obs.] [1913 Webster]

The most acceptable insurance of the divine protection. --Mickle. [1913 Webster]

5. Hence: Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury. [PJC]

{Accident insurance}, insurance against pecuniary loss by reason of accident to the person.

{Endowment insurance} or {Endowment assurance}, a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. Also called {whole life insurance}.

{Fire insurance}. See under {Fire}.

{Insurance broker}, a broker or agent who effects insurance.

{Insurance company}, a company or corporation whose business it is to insure against loss, damage, or death.

{Insurance policy}, a certificate of insurance; the document containing the contract made by an insurance company with a person whose property or life is insured.

{Life insurance}. See under {Life}. [1913 Webster]


The Collaborative International Dictionary of English. 2000.

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Look at other dictionaries:

  • endowment assurance — ➔ assurance * * * endowment assurance UK US noun [C] INSURANCE ► an ENDOWMENT(Cf. ↑endowment): »I do not wish to take out any policies or endowment assurances …   Financial and business terms

  • endowment assurance — or endowment insurance noun A form of insurance providing for the payment of a certain sum at a certain date or at death if earlier • • • Main Entry: ↑endow …   Useful english dictionary

  • endowment assurance — An assurance policy that pays a specified amount of money on an agreed date or on the death of the life assured, whichever is the earlier. As these policies guarantee to make a payment (either to the policyholder or his or her dependants) they… …   Big dictionary of business and management

  • endowment assurance — /ɪn daυmənt əˌʃυərəns/, endowment insurance /ɪn daυmənt ɪnˌʃυərəns/ noun an insurance policy where a sum of money is paid to the insured person on a certain date or to his heirs if he dies before that date …   Dictionary of banking and finance

  • assurance — as‧sur‧ance [əˈʆʊərəns ǁ əˈʆʊr ] noun [uncountable] INSURANCE a type of insurance against something that is certain to happen, especially someone s death, as opposed to something that might happen such as an accident or a fire: • the Prudential… …   Financial and business terms

  • endowment mortgage — noun A form of mortgage in which the capital sum is repaid by the eventual proceeds from endowment assurance • • • Main Entry: ↑endow * * * endowment mortgage UK US noun [countable] [singular endowment mortgage …   Useful english dictionary

  • pure endowment assurance — An assurance policy that promises to pay an agreed amount if the policyholder is alive on a specified future date. If the policyholder dies before the specified date no payment is made and the premium payments cease. The use of the word assurance …   Big dictionary of business and management

  • endowment mortgage — /ɪn daυmənt ˌmɔ:gɪdʒ/ noun a mortgage backed by an endowment policy COMMENT: The borrower pays interest on the mortgage in the usual way, but does not repay the capital. Instead, he or she takes out an endowment assurance (a life insurance)… …   Dictionary of banking and finance

  • Endowment insurance — Insurance In*sur ance, n. [From {Insure}.] [1913 Webster] 1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or… …   The Collaborative International Dictionary of English

  • endowment — Funds or property that are donated with either a temporary or permanent restriction as to the use of principal. American Banker Glossary Gift of money or property to a specified institution for a specified purpose. Bloomberg Financial Dictionary… …   Financial and business terms

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