Bullet Guaranteed Investment Contract (bgic)
Type of guaranteed investment contract (GIC) under which a single payment is made into an account of an insurance company where it will remain for a stipulated number of years. Both the principal of the account and the interest rate are guaranteed by the insurance company. At an agreed upon future date, both principal and interest are returned to the payor (usually a defined benefit plan).
Popular Insurance Terms
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Critical point in the total amount of claims paid above which the excess insurance policy pays a percentage (generally 80-100%) of the claims for any policy year experience. ...
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Association formed to address the requirements of government risk pools. ...
Includes rate of return, how long the annuity's interest rate is guaranteed, loads (front, middle and back), financial ranking of the insurance company offering the annuity, the monthly ...
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