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
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Basic contract language in individual health and accident insurance policies. These provisions are required under a model state law known as the uniform individual accident and sickness ...
Payment made by a party causing harm to the party incurring that harm. ...
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