An insurance contract that pays an amount of insurance to a beneficiary if the insured person should die during a specified period of years, or the same amount as an endowment if the insured survives to the end of the specified period.
A type of life insurance that provides that the face amount will be paid if death occurs during a specified number of years or if, at the end of the specified number of years, the insured is alive.
A plan of insurance providing for a cash payment of a definite sum of money to the certificate owner at the maturity date if the insured is then living. If the certificate owner dies before this date, the specified sum is paid to a beneficiary. Endowment certificates are no longer sold. An endowment certificate should not be confused with a Modified Endowment Contract.