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Insurance Term Definition
Contract:
• A treaty defining the reinsurance agreement; an insurance contract issued by one insurer to compensate another insurer for losses on one or more contracts issued by the cedant.
Extracontractural Obligations:
• Court judgements against an insurance company in addition to benefit payments under the insurance policy
Guaranteed Interest Contract:
• Debt instrument issued by an insurance company, usually in a large denomination, and often bought for retirement plans; the interest rate paid is guaranteed, but the principal is not; a group annuity fund accumulation instrument
Synthetic Guaranteed Investment Contract:
• Generally characterized as an off balance sheet fee-based product sold primarily to tax-qualified institutional entities such as 401(k) plans and other retirement plans, as well as college savings plans. In the US a synthetic GIC "wrapper" around fixed-income invested assets is provided, which are owned by the plan and managed by the plan or a third-party money manager.
Treaty:
• A legal contract defining the reinsurance agreement; an insurance contract issued by one insurer to compensate another insurer for losses on one or more contracts issued by the cedant.
Variable Contract:
• A life insurance or annuity contract that passes investment results (perhaps minus an investment management fee) directly to the policyholder as an increase in an account balance
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