Synthetic Guaranteed Investment Contract
Modified guaranteed investment contract (GIC) in which the underlying assets of the synthetic contract are owned by the plan itself rather than the insurance company as is the case with the GIC. This ownership right is of particular importance if there is a concern about the long-term financial soundness of an insurance company. The synthetic plan segregates the plan's assets from the assets of the insurance company.
Popular Insurance Terms
Basic requirements of an employee benefit insurance plan such as minimum age and years of service with an employer. ...
Same as term Deductible: amount of loss that insured pays in a claim; includes the following types: Absolute dollar amount. Amount the insured must pay before the company will pay, up to ...
Model state law of the NAIC that stipulates that the purchaser (debtor) of a credit life insurance (creditor life insurance) policy must be provided a descriptive policy; the policy must ...
Section of a life insurance policy setting the procedure for revoking a current beneficiary and designating a successor beneficiary. Insurers require written notice of a beneficiary change, ...
Method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the claim above that limit up to a specific ...
Forgery insurance covering securities issues such as stocks and bonds. They protect the issuer of securities against forgery of the securities. ...
Fidelity bond that covers a business if employees in listed positions commit dishonest acts, such as stealing money. ...
Limitation imposed on insurance companies by state law. States oversee the insurance industry, being responsible for making certain that the rates are fair, reasonable, and adequate, and ...
Retirement income benefit of a survivor (or survivors) of an insured individual, according to a particular formula. For example, if a retired male worker dies, all or a portion of his ...
Have a question or comment?
We're here to help.