Commissioners Annuity Reserve Valuation Method (carvm)
Term for statutory reserves for annuities that can be calculated using various methods but at the minimum, the reserve must be at least equal to the CARVM. The CARVM equals the greatest present value of future guaranteed benefits to include non forfeiture benefits in excess of future required premiums. Not included in this calculation are expenses and policy lapses.
Popular Insurance Terms
Type of pension plan in which the employer (if noncontributory plan) or the employer and employee (if contributory plan) make level annual premium payments to fund the future retirement ...
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