A type of life insurance policy which provides for the payment of the face amount...

Anendowment policyis a life insurance product that pays the face amount to the insured if they are alive at the end of a specified period (maturity) or to the beneficiary if the insured dies before maturity. It combines life insurance with a savings component, as defined in Oklahoma’s life insurance regulations (Title 36 O.S. § 4002).

Option A: Incorrect. Universal life is flexible permanent insurance, not tied to a specific maturity payout.

Option B: Incorrect. Modified life has lower initial premiums, not a maturity payout feature.

Option C: Correct. An endowment policy pays the face amount at maturity if the insured is alive.

Option D: Incorrect. A juvenile trust is not a life insurance policy type; it’s a financial arrangement.