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
Section of the insurance policy that lists all of the provisions that are applicable to the insurance coverage provided under that section. This section is attached to the policy jacket ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as premium ...
Section of an insurance company that evaluates claims for their subsequent payment. ...
Coverage for the federal government in the event of loss due to dishonest acts of federal government employees. ...
Financial incentives credited to the policy to encourage the policyowner to keep the policy in force. The incentives may be utilized by: (1) applying them to the policy cash value after a ...
New rule entitled "Accounting for Certain Investments in Debt and Equity Securities," which requires most fixed maturity investments to be listed on the INSURANCE COMPANY'S FINANCIAL ...
Same as term Final insurance: premiums paid out of funds borrowed from the cash value of a life insurance policy. ...
Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
Coverage that provides for replacement of damaged or destroyed property on a new replacement cost basis without any deduction for depreciation. This is equivalent to replacement cost ...
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