MODIFIED ENDOWMENT CONTRACT
\mˈɒdɪfˌa͡ɪd ɛndˈa͡ʊmənt kˈɒntɹakt], \mˈɒdɪfˌaɪd ɛndˈaʊmənt kˈɒntɹakt], \m_ˈɒ_d_ɪ_f_ˌaɪ_d ɛ_n_d_ˈaʊ_m_ə_n_t k_ˈɒ_n_t_ɹ_a_k_t]\
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The post-endowment-period paid amount exceeds the policy's face value. This contract type is taxable and subject to any post-tax penalties. Either the face value or the cash value, whichever is greater, is the amount payable in the case of death.
By Henry Campbell Black
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