Modified guaranteed annuity definition

Modified guaranteed annuity means a deferred annuity contract, the underlying assets of which are held in a separate
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Modified guaranteed annuity means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. It contains nonforfeiture values that are based upon a market-value adjustment formula if held for shorter periods. This formula may, or may not, reflect the value of assets held in the separate account. The assets underlying the contract shall be in a separate account during the period the contract holder can surrender the contract.
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Modified guaranteed annuity means a deferred annuity contract, the underlying assets of which are held in a separate account and the values of which are guaranteed if held for speci-
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Examples of Modified guaranteed annuity in a sentence

  • Modified guaranteed annuity products do not have minimum rate guarantees.

  • July 18, 1991.Popular name: Act 218500.4121 Modified guaranteed annuity separate accounts.Sec.


More Definitions of Modified guaranteed annuity

Modified guaranteed annuity means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. The contract contains nonforfeiture values that are based upon a market-value adjustment formula if held for shorter periods.
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Modified guaranteed annuity or "(MGA") means a fixed annuity, or a fixed portion of a combination annuity, that is funded through the general account and provides for guaranteed values on specified dates or specified ages and with interim nonforfeiture values that are adjusted in accordance with an MVA. This term applies to contracts issued before January 1, 2017. The term "Modified Guaranteed Annuity" or "MGA" is to be substituted with "General Account Modified Guaranteed Annuity or "GAMGA" throughout this Part for contracts issued on or after January 1, 2017. A GAMGA otherwise has the same definition as an MGA.
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Modified guaranteed annuity means a deferred annuity contract, the underlying assets of which are held in a separate account and the values of which are guaranteed if held for speci- fied periods, containing nonforfeiture values based on a market− value adjustment formula if held for shorter periods, which for- mula may or may not reflect the value of assets held in the separate account.
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Related to Modified guaranteed annuity

  • a guaranteed income payment means a payment made under article 15(1)(c) (injury benefits) or 29(1)(a) (death benefits) of the Armed Forces and Reserve Forces (Compensation Scheme) Order 2011;

  • Guaranteed Interest Rate is the effective annual interest rate we will credit for a specified Guarantee Period. The Guaranteed Interest Rate will never be less than the minimum shown in the Schedule.

  • guarantee contract means a contract entered into by a person as guarantor;

  • Guaranteed elements means the premiums, benefits, values, credits or charges under a policy of life insurance that are guaranteed and determined at issue.

  • Non-Guaranteed Elements means the premiums, credited interest rates (including any bonus), benefits, values, dividends, non-interest based credits, charges or elements of formulas used to determine any of these, that are subject to company discretion and are not guaranteed at issue. An element is considered non- guaranteed if any of the underlying non-guaranteed elements are used in its calculation.

  • Guarantee means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.