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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APPLIED RESEARCH is designed to solve practical problems of the modern world, rather than to acquire knowledge for knowledges sake.

AUTHORIZATION SCHEDULE is the guideline under which the subject activity is controlled and authorized. For example, expenditure spending may be controlled by amounts and the managerial level required authorizing or approving a preset trigger amount. As the amount increases over certain preset levels, higher managerial authority is required for approval.

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