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. The contract 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 must be in a separate account during the period or periods when 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

  • Guaranteed Amounts means the amounts due from time to time from the Issuer to (i) the Covered Bondholders with respect to each Series of Covered Bonds (excluding any additional amounts payable to the Covered Bondholders under Condition 9(a) (Gross-up by the Issuer)) and (ii) the Other Issuer Creditors pursuant to the relevant Transaction Documents.

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

  • 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:

  • Guarantee used as a verb has a corresponding meaning.