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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 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.
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.

Related to Modified guaranteed annuity

  • Guaranteed Amount means the aggregate amount of each Guaranteed Debt that is guaranteed at any time by Partner Guarantors.

  • 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;

  • Guaranty means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person:

  • Guaranteed Sum means: The maximum aggregate amount of R

  • 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.

  • 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.