The definition of an endowment policy is an insurance policy where the policyholder receives money after a certain timeframe or his or her beneficiaries receive the money if he or she passes away during the timeframe.
An example of an endowment policy is one in which a charity receives a man's money a year after the man passes away.
an insurance policy by which a stated amount is paid to the insured after the period of time specified in the contract, or to the beneficiaries in case the insured dies within the time specified
(plural endowment policies)
- attributive form of endowment policy, noun.