Bullet Guaranteed Investment Contract (bgic)


Definition of "Bullet guaranteed investment contract (bgic)"

Jared Stout real estate agent
Jared Stout, Real Estate Agent Berkshire Hathaway HomeServices Michigan Kalamazoo-Stadium

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).

 

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