Which term refers to a policy with a modest endowment feature that is sold for limited terms and has a higher first-year premium?

The term "Deposit term" refers to a policy designed with a modest endowment feature that is sold for a limited period, accompanied by a higher first-year premium. This type of policy typically allows policyholders to accumulate cash value over time, similar to an endowment policy, but it is offered for a specific term rather than the full lifetime of the insured. The higher first-year premium is often necessary to support the accumulation of cash value in the early stages of the policy.

Endowment features generally mean that the policy is intended to provide a payout either upon reaching a certain age or at the end of the term, making it distinct from pure term insurance policies. This limited-term aspect helps to align the policy with the short-term financial goals of the insured, while the initial premium aims to ensure that the insured's contributions adequately fund the potential payout.

The other options represent different types of term insurance, which do not have the same characteristics or features as the deposit term option. For instance, renewable term does not include the endowment aspect, and level premium term refers to policies without the specific design of accumulating cash value through higher early premiums.