WAEC - Insurance (2017 - No. 18)
In an endowment policy, benefits are paid at death or
a lump sum is paid on maturity
regular payments are made after maturity
regular payments are made before maturity
no payments is made until the death of the insured.
Explanation
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death.