Modified guaranteed annuity definition
Modified guaranteed annuity means a deferred annuity contract, the underlying assets of which are held in a separate
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.
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-
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.
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.
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.