Window Guaranteed Investment Contract (gic)
Type of guaranteed investment contract (GIC) under which a series of payments are made into an account (usually monthly to reflect the frequency of the employee's salary) 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 contribution plan).
Popular Insurance Terms
Legal decision wherein proceeds of a life insurance policy on which the decedent's corporation paid the premiums within three years of his or her death are not includable in the decedent's ...
Act that provides retroactive liability for environmental claims by mandating that those who polluted the environment must pay to clean up the pollution, regardless of how long ago their ...
Difference between the earned premiums and the losses and expenses of an insurance company. ...
Fund from which losses are paid for the insolvent members of Lloyd's of London. Each year, members of Lloyd's of London contribute a percentage of their premium volume to this fund to act ...
Same as term Five Percentage Rule: coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance ...
Coverage under which initial premiums are less than normal for the first few years, then gradually increase for the next several years until they become level for the duration of the policy. ...
Coverage for sample merchandise while in the custody of a salesperson. ...
Coverage in property insurance for an employee's lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. For example, a ...
Trust that qualifies assets under the marital deduction provision in the Federal Tax Code for favorable treatment of an estate. The surviving spouse has the full power to use the assets of ...
Have a question or comment?
We're here to help.