Final answer:
Endowments are life insurance contracts that pay a lump sum after a specific term or upon death. They focus on matured payouts rather than accelerated cash value, have fixed premiums, and typically include a guaranteed cash value.
Step-by-step explanation:
The question you’ve asked is about endowments in the context of life insurance products. When considering the given options, none of them accurately describe the primary characteristic of endowments. To clarify, an endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Its primary purpose is not to have an accelerated cash value growth, as it is more focused on the endowment paying out a sum after a period of time, nor is it specifically designed to cover nursing home costs. Additionally, endowments typically do not have flexible premiums; these are usually fixed and must be paid regularly to keep the policy in force. Lastly, endowments usually do come with a guaranteed cash value accumulation, contrary to the final statement.