Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive?

The correct answer is the endowment policy because it is specifically designed to pay out the face amount, or death benefit, at the end of a specified period if the insured is still alive. This type of policy combines elements of both life insurance and savings, as it provides a death benefit in the event of the insured's passing during the policy term, and if the insured survives until the end of that period, the policy matures, and the cash value is paid out.

Other types of policies, such as universal life, modified life, and adjustable life policies, generally serve different functions. Universal life policies offer flexible premiums and death benefits with a cash value component but do not guarantee a payout at the end of a specific term. Modified life policies usually refer to whole life policies with adjusted premiums in the early years and consistent coverage thereafter, rather than explicitly guaranteeing a payout at a predetermined time. Adjustable life policies allow policyholders to modify their death benefits and premiums but similarly do not provide a guaranteed payout at the end of a specified period.

Thus, the defining characteristic of an endowment policy is its commitment to pay a benefit at a certain time, making it the correct answer.