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
Portion of reinsurance premium received by the reinsurer that relates to the unexpired part of the reinsured policy. ...
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Federal agency that collects and analyzes numerous U.S. demographics used by government and industry. Insurance companies use the demographics to predict areas of high demand for their ...
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