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What does endowment mean?

Looking for the meaning or definition of the word endowment? Here's what it means.

Noun
  1. Something with which a person or thing is endowed.
  2. Property or funds invested for the support and benefit of a person or not-for-profit institution.
  3. A form of life insurance paying a lump sum to the policyholder on a fixed date, or to the estate if the policyholder dies before that date.
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Examples
Finally, anyone who feels they received a very raw deal by being sold the endowment in the first place may be able to claim compensation.
Nor will you investigate remortgaging your property, nor do anything about that costly endowment.
Endowment Mortgages use an endowment policy to provide life insurance and save funds to repay the loan at the end of the term.
However, very few if any endowment policies have matched the interest rate being charged on debt and bonds.
However, in general do not simply increase the premiums you pay into your endowment.
The council confirmed that the land in question is held as an endowment for municipal purposes.

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