Category: G

An annuity offered contract thate lets the beneficiary get more than the amount of death benefits if the party dies before its maturity.

A bank that settles principal obligations due to default. The bank pays the seller if the buyer has the goods but hasn’t paid the price.

An option on a contract allowing the insured to buy more insurance in increments at times without having to prove insurability.

He who makes a guaranty.

A financial contract between an INSURER and an individual or PENSION PLAN (as BENEFICIARY) that provides the beneficiary with a specific return on CAPITAL invested over the life of the contract. The insurer bears the investment RISK associated with the securities in the GIC portfolio but is generally able to retain any excess it earns over the guaranteed return. See also NONPARTICIPATING GUARANTEED INVESTMENT CONTRACT, PARTICIPATING GUARANTEED INVESTMENT CONTRACT, SYNTHETIC GUARANTEED INVESTMENT CONTRACT.

v. To undertake collaterally to answer for the payment of another’s debtor the performance of another’s duty, liability, or obligation; to assume the responsibilityof a guarantor; to warrant See GUARANTY, n.

An arrangement when a hotel keeps a room for a guest that arrives late. If the customer doesn’t show up the card will be charged for the night anyway. Refer to guaranteed reservation.

A fund that has money in it from an insurers business in the state. It is required by the state. It is used to cover debts and claims. It is called an insolvency fund.

A loan that is backed by government agencies that pays the loan in case of default. A student of business loan is an example.

The amount past what a client is made to pay a contractor.