ENDOWMENT POLICY Definition

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ENDOWMENT POLICY is a combination of life assurance and investment whereby the sum assured is paid at a predetermined date or on death, if earlier.

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FIXED CHARGE is those expenses incurred each time a batch of product is produced. Primarily consists of ordering cost for the raw material, engineering costs for machine setup and preparation for the production run, and work order processing cost; also known as SETUP COST.

WITHDRAWAL is a. the act of taking out money or other capital from a controlled account; or, b. a retraction of a previously held position.

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